Suzuki Takes Volkswagen to International Court

50812d1216391864 omega 1 0 1 beta release suzuki Suzuki Takes Volkswagen to International Court

In a press statement, Suzuki has released that as the Volkswagen group is not willing to sell back 19.9% of their share, it has decided to take the dispute to the international court for settlement of the long standing argument between the automakers. The Japanese company’s statement reveals that Suzuki is commencing settlement in London with the ICC International Court to compel Volkswagen AG to dispose Suzuki’s shares to them or a third party as designated by Suzuki. The proceedings follow termination of Suzuki’s alliance with Volkswagen on 18th November 2011, and their lack of response to their request for this disposition. Suzuki has moved forward to reach to a conclusion on their partnership.

Both these companies have been fighting since a document in Volkswagen’s annual report in 2010 described Suzuki as an associate. The fights between the two soar up with the Germans later on. The Japanese firm was accused of violating the agreement between them as they bought diesel engines from the Fiat group. Both the companies have accused each other for breaking the agreement. However, the Volkswagen group has not yet issued any statement on this matter. But when they were threatened to be taken to the court last week the VW’s group replied by saying that they were quite disappointed at the step taken by Suzuki in order to terminate the agreement. They further added that there was no legal foundation to compel them to surrender their shares so they will continue to hold their stand.

As the fight continues it would be interesting to see who wins over the other. So let’s wait to see the final outcome of this matter. Both the parties have their own point of argument and now let the court decide which party has strong points. Whatever we have to wait till the final decision is made.

You can leave a response, or trackback from your own site.

Leave a Reply

Powered by Zetra Technologies Pvt Ltd