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13.11.2017 17:13 Age: 101 days
Category: News

Dieselgate: Lack of transparency in the VW loan investigation

In November 2015, the European Anti-Fraud Office (OLAF) started an investigation into the European Investment Bank’s (EIB) loan of €400mln to Volkswagen in the context of the Dieselgate scandal. While the company is still calling back vehicles (at a slower rate now - see article here) and shareholders have to time and time again put up with the devaluation of their shares, the investigation on the loan acquired from EIB lacks transparency.

What it is certain from OLAF’s report is that it was secured through fraud and deception. And while the EIB did not exclude a possible link between the money it lent and the defeat device, OLAF did not recommend any pecuniary sanctions for VW since it had already paid back the 2009 loan. 

However, the report was not made public. Besides press statements issued by both OLAF and EIB, there is no other information on the execution of the loan granted and on the anti-fraud procedures. According to EU Observer, several requests have been made calling for the disclosure of the report. OLAF pointed out that, since the report concerns the EIB, the request should be directed there. On the other hand, the EIB motivated that, since the report is made by OLAF, they should disclose it.

Read here from EU Observer:

EIB silent into fraudulent ‘VW’ loan

EU probe into VW loan remains opaque


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