The European Union Bank Might Ask for its Money Back from Volkswagen

EU

The European Investment Bank might recall million of loans that it has made to Volkswagen due to its involvement in the global emissions scandal.

european investment bank

The chief executive of the EIB, Werner Hoyer said that the EU wide lender is currently yin the process to find out if any of its funds were used to help the company in cheating emissions targets.

This means that the EIB could recall up to €1.8 billion in loans. Since 1990 the EIB has lent a total of €4.6 billion and this money was intended to develop low emission engines.

The EIB is a EU wide lender that finances projects and companies around the continent. Hoyer went on to say that he was very disappointed by VWs conduct after it was revealed that 11 million cars worldwide had the software to pass pollution checks installed.

In the latest car withdrawals, the carmaker said that it would be recalling 2000 diesel cars that were sold in china.

Leave a Reply

Your email address will not be published. Required fields are marked *