Suzuki has just released a press release saying that due to the reluctance of the Volkswagen Group to sell back 19.9% of its own shares, it was decided to submit the dispute to international arbitration, marking the latest episode in a long-standing dispute between the two automakers.
The Japanese company official statement follows below:
"Suzuki Motor Corporation (" Suzuki ") is initiating an arbitration proceeding in London with the International Court of Arbitration, to force Volkswagen to have its share of Suzuki Suzuki Suzuki or designated third party.
The arbitration proceedings after the termination of its alliance with Suzuki Volkswagen AG November 18, 2011, and the lack of Volkswagen AG in response to requests for Suzuki to sell their shares to Suzuki Suzuki or name. "
The two companies have been fighting each other for a document in the VW 2010 annual report describes Suzuki as a "partner" was registered in March. The dispute between the two carmakers with Germany degenerate later accusing the Japanese company for violation of their agreement for the purchase of diesel Fiat Group.
The Volkswagen Group has not issued a statement on the matter. However, when Suzuki has threatened to take the Germans to the court last week, VW's answer was: "We are very disappointed that Suzuki made the decision to terminate the contract. There is no legal basis to force us to abandon our actions. Volkswagen will continue their participation. "
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