Norway’s wealth fund submits complaint against Volkswagen

Norway’s $850-billion sovereign wealth fund, the world’s biggest, has actually submitted a complaint versus Volkswagen, as part of a joint legal action due to the automaker’s emissions scandal, the fund stated in a statement on Friday.

The fund stated the problem was submitted to the Braunschweig District Court in Germany and is part of the suit filed by law firm Quinn Emanuel on behalf of institutional funds with regards to the scandal.

Being the Volkswagen’s biggest shareholder without a seat on its supervisory board and said in May it prepared to sign up with class-action claims filed against Volkswagen over the German automaker’s emissions scandal.

The fund, which holds 1.02 percent of Volkswagen, has long been important of Volkswagen’s governing structure, whereas the Porsche and Piech families hold 31.5 percent of the capital however control 50.7 percent of voting rights.

It stated it had written to Volkswagen before about its issues over the business’s leadership structure.

Independently, the fund voted against every proposition to discard the members of the board of Volkswagen for their activities in 2015 at the company’s annual basic conference on June 22, according to voting records released on its site.

It likewise casted vote in favour of an investor proposition to authorize an unique audit of how Volkswagen’s management and board handled the emissions scandal.