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Business Continuity Awareness Week – Day 3

BCAW 2016 continues, and today’s blog concerns a long-running and very important story that has been going on for nearly a year now.  It was announced today that the President of Mitsubishi Motors, Tetsuro Aikawa, will stand down following the revelation last month that the company had been falsifying fuel emission tests for decades.  The scale of the crisis for Mitsubishi can be seen in the fall in its share price by more than 50%, leading to rival Nissan securing a controlling stake in the company.  Meanwhile Suzuki has admitted that “discrepancies” have been found in its fuel and emissions testing but denies cheating, asserting that “Any wrongdoing, such as manipulation of fuel efficiency data, were not found”.
These are of course only the latest two companies to be dragged into the controversy: Nissan has been accused of irregularities (which it denies) around testing of the Qashqai model; Daimler is investigating its diesel emission testing results at the request of the US Justice Department; and both Renault and Peugeot have been raided by the French authorities.  Returning to VW, where the scandal all began last September, the company announced yesterday that it was increasing its provisions for the diesel emissions scandal to £12.6b; more than double its initial estimate last year.  This figure includes the cost of recalling 630 000 diesel vehicles to tweak engine software, the cost of buying back vehicles and legal costs.