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Sri Lanka Equity Forum » Stock Market Talk » TRANSFORMATION OF VOLKSWAGEN UNDER YAHAPALANA

TRANSFORMATION OF VOLKSWAGEN UNDER YAHAPALANA

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1 TRANSFORMATION OF VOLKSWAGEN UNDER YAHAPALANA on Fri Jan 06, 2017 2:55 pm

samaritan


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
VOLKSWAGEN TO FOXWAGON.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Let us not pessimistic at this stage. More news will be available as time goes on. Perhaps one day many may appreciate the project or otherwise.

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics

PrasannaMani

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Manager - Equity Analytics
Manager - Equity Analytics
@samaritan wrote:VOLKSWAGEN TO FOXWAGON.
Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@PrasannaMani wrote:
@samaritan wrote:VOLKSWAGEN TO FOXWAGON.
Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy
The Day of the Pollswagen




Did I hear you mention about the Volkswagen Era?

No, no, it is not Volkswagen – it is Pollswagen.

I’ve never heard of that. Where is Pollswagen made?

Here in Sri Lanka, beginning at Wayamba – you may even call it the Wayambawagen.

Now tell me, is this a wholly new vehicle you are talking about?

There is nothing new about it, it is part of the political wagon we are used to, but it has the special qualities of what is known as Good Governance of Yahapalanaya.

What are these special qualities?

It’s difficult to get it going, that is the main feature. When it does get going it is in the wrong direction.

But why call it the Pollswagen?

Because it is all about polls – just now it is mainly about local government polls. Twisted Evil Twisted Evil

Yahapalanaya

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Vice President - Equity Analytics
Vice President - Equity Analytics
Harsha clarifies on Volkswagen debacle



Friday, January 6, 2017 - 07:45

[url=http://dailynews.lk/sites/default/files/news/2017/01/06/Screen Shot 2017-01-06 at 7.40.30 AM.png][/url]
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Deputy Foreign Minister Harsha de Silva issued a personal clarification regarding the Volkswagen deal, in which he detailed why plans with that car manufacturer did not go ahead.
In a evidence based, fact-filled message posted on Facebook the Deputy Minister said,
‘1. Given I was responsible for the initiation of this project I would like to place the following facts before the public.
2. In my new job as the Deputy Minister of Policy Planning and Economic Affairs I met with the then Ambassador of Germany HE Dr Jurgen Morhard in Early January 2015. At this meeting the Ambassador indicated that Volkswagen had attempted to set up a plant in Sri Lanka since 2008 but failed due to ‘various’ reasons.
3. I indicated to him that we would be delighted to have VW set up a plant in Sri Lanka and we initiated discussions between the Government and the company.’
Of the signing Deputy Minister de Silva said,
‘1. Having initiated the possible investment, HE the Ambassador and I moved out.
2. We were told the discussions continued among the various stakeholders locally. We were informed that Volkswagen’s local agent Senok Automobiles representing the carmaker negotiated terms with several government authorities to get necessary clearances.
3. In mid-August 2015 BOI and Senok Automobiles signed an agreement to establish an assembly plant for VW in Kuliyapitiya.’
The Deputy Minister quoted the German Embassy Deputy Head of Mission Dr. Michael Dohman as having said during the signing ceremony in August, “It is important for the German Embassy to have a big company like Volkswagen in Sri Lanka. Germany is always talking to enterprises to attract them here. People will have to be trained and educated, and many other components are needed, so it will boost the local economy,”
On why the deal did not go through, Deputy Minister Harsha de Silva offered this argument:
‘1. In just a matter of a couple of weeks after signing the agreement, on 3 September 2015, Volkswagen, after months of denial, admitted to the EPA in the US that they had cheated on emissions tests on some of their diesel models in the US. On 18 September 2015, the EPA went public with this admission of guilt.
2. Soon thereafter the VW stock crashed and the senior management was fired. Later some 30,000 jobs were cut and it has thus far cost the carmaker some US$ 18 billion in losses.’
The Deputy Minister said that in Sri Lanka,
‘1. This scandal that rocked VW was a complete shock to everyone, obviously including us in Sri Lanka. Apparently Senok Automobiles who had signed for VW had attempted to save the agreement and continue with the investment as planned.
2. However, at one point, I believe after much negotiation, the Government had decided it would be better not to go with a dedicated VW assembly plant due to possible legal issues that could crop up due to the massive fallout from their emissions scam. This we knew today when the PM explained the sequence of events to us.
3. Given the BOI agreement had still been in place with Senok Automobiles for the original VW assembly I understand that they had rescued the project by agreeing with the BOI to go ahead to establish the plant to assemble various makes of European automobiles.
4. It had been for this assembly plant, renamed Western Automobile, the foundation stone laid for an automobile assembly. At no point at the foundation laying ceremony (which I could not attend) had there been any mention of the plant being for VW.
He adds further,
‘In fact since I moved out of my earlier portfolio of Deputy Minister of Policy Planning and Economic Affairs to the new one in the Foreign Ministry in August 2015, I had no dealings with the project and was sincerely unaware of the various changes until it was explained today. I would appreciate that fact be respected.
I hope the above explains the confusion and we as a country can be satisfied that the assembly plant is being established and many jobs will be created besides thousands of training opportunities for young people.’
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worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Dr. has explained most unlikely event of VW plant mainly due to the international failure of VW emission test. Now question is to clear out who will undertake the assembly plant at Kuliyapitiya if not the VW.
Genuine statement in the hidden story by a responsible person will full stop the feeling of embarrassment that leaves everyone confused.

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