The Mainichi Daily News (Berlin) - Volkswagen AG on Monday dismissed as "unfounded" claims by Suzuki Motor Corp. that its 19.89 percent interest in the Japanese minivehicle maker should be retransferred to Suzuki.
"Volkswagen considers the claims to be unfounded," the German carmaker said in the Management Report for the 2011 business year released the same day.
Last November, Suzuki asked the London arm of the Paris-based International Court of Arbitration of the International Chamber of Commerce to order Volkswagen to retransfer the equity stake and pay damages.
Volkswagen also said in the report it believes that the court will not hand down a decision on the dispute at least until 2013.
Suzuki has been seeking to break ties with Volkswagen, claiming the German company breached their framework agreement by not giving the Japanese automaker access to technologies promised under their 2009 alliance.
