September 30, 2015
The Volkswagen Group received more than €4 billion in loans from the European Investment Bank over the last decade, with much of the money going to research aimed at developing cleaner engines. The world’s largest carmaker is embroiled in a global scandal after installing so-called defeat devices in 11 million of its diesel cars to cheat on emissions standards tests, a scandal that has cost the CEO his job, opened the company to a potential fine of $18 billion in the U.S., pummelled the stock price, and prompted investigations across Europe.
September 25, 2015
Following revelations about Volkswagen cheating in emissions tests and about the European Investment Bank’s substantial support for VW – including loans for research and development of cleaner engines, Bankwatch requested information on EIB loans to the car maker. The bank provided highly insufficient responses. Read more here >>