BRUSSELS GETS TOUGH OVER VW ILLEGAL GERMAN SHAREHOLDING LAWS – THREATENS FINES
June 1st, 2008
BY KEITH NUTHALL
THE EUROPEAN Commission has started legal proceedings against the German government, which could lead it to paying massive daily recurring fines of many Euro 1,000s over its failure to reform Volkswagen's shareholding rules.
The Commission has already secured a European Court of Justice (ECJ) ruling that the special position granted to public authorities within the privatised auto giant's board and shareholdings break European Union (EU) law. However, since the court ordered these rights be abolished, the German government has failed to act, ...
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