Ruling in Suzuki vs. Volkswagen case not expected until 2013
Volkswagen considers Suzuki's claims to be unfounded, and has filed its own counterclaims.
In 2009, Volkswagen and Suzuki created a partnership and bought shares in each other's companies. The partnership was brilliant and promising on paper: Suzuki would help Volkswagen increase its presence on the lucrative Indian market, and in exchange, it would gain access to some of Volkswagen's technology that it can't afford to develop on its own.
The marriage quickly turned sour. It hit rock bottom last November, when Suzuki announced that it had started arbitration proceedings against Volkswagen in a London-based court.
The lawsuit called for Volkswagen to transfer back to Suzuki the 19.89% interest it had taken when the marriage began, and to pay an unspecified amount of damages.
Volkswagen issued a brief statement about the lawsuit in its recently-published 2011 annual report. It said that it considers Suzuki's claims to be unfounded, and that it had filed its own counterclaims in the same court.
Volkswagen is referring to two different claims made by Suzuki. First of all, it is accused of not keeping its promise of providing its ex-partner with access to technology. Second of all, Suzuki claims that Volkswagen refused several times to settle the matter out of court through negotiations.
The German automaker added that the International Chamber of Commerce will make a decision on the case in 2013 at the very earliest, which is longer than Suzuki had anticipated when it first filed the lawsuit.