The US Securities and Exchange Commission may bring an enforcement ruling against the German automaker, Volkswagen in case of emmisiongate. Volkswagen is one of the largest automakers in the world has been alleged for the involvement in the scandal of emission by SEC. The automaker giant has backfired with their statement that the agency is just piling on the statement without proper evidence.
In 2015, United States (EPA) Environmental Protection Agency has issued a notice to Volkswagen which stated that the German automobile giant has violated the laws of the Clean Air Act. The company was then charged for using TDI or Turbocharged Diesel Injections which eventually resulted in causing the emission of NOx. This incident caused the company a big loss of billions of dollars and also the chain of these events was dragged for years. The SEC stated that an ongoing investigation of 2017 may lead to the enforcement to the Volkswagen. According to the annual report of Volkswagen, the SEC is standing on its ground to allege the automaker company and can also fine it with big numbers as well as civil penalties for not abiding by the laws.
The SEC has also asked Volkswagen to provide the information about the securities that the company has sold to potential investors. SEC just wants to dig deeper into the matter for some potential evidence that whether the automaker has complied with the laws of IS emission standards.
Volkswagen replied that it is just another effort for inappropriate and legally flawed complaints. They also added that they will continuously keep trying to prove their innocence. The SEC has been bringing complaints on unstable grounds while the company has never harmed any of its investors. Even after the two years of multi-billion dollars of settlement, the agency is still unnecessarily piling on to extract more evidence and information.