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"Suzuki Motor" Corp. of Japan is accusing its German partner "Volkswagen" AG of violating their partnership agreement, by withholding certain technologies it promised sharing, which is why, if the situation isn"t remedied, they demand that Volkswagen sell back their stake in the partnership.
"Suzuki" has submitted a letter to "Volkswagen", asking the German company to remedy "the numerous violations of the cooperation agreement".
"Volkswagen" bought 19.9% of "Suzuki" in 2009, whereas the latter owns 1.49% of the shares of "Volkswagen".
"This capital alliance was intended to facilitate Suzuki"s access to Volkswagen"s core technologies", said the president of "Suzuki", Osamu Suzuki, who added: ""I remain disappointed that we have not received what we were promised. If Volkswagen will not allow access, it must return Suzuki"s shares".
"Volkswagen", which in turn has accused the Japanese company of violating the cooperation agreement by purchasing engines from Italian company "Fiat" SpA, claims that the accusations are "completely unfounded". "Volkswagen did all it could since the beginning to protect this partnership", officials of the German company said.
Last month, the president of "Suzuki" announced that the accusations leveled by the German company, concerning the acquisition of engines from "Fiat", "have seriously disparaged the company" and asked that they be retracted.
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