Volkswagen emissions scandal sees Qatari wealth fund’s €3.8 billion up in smoke

Qatar's sovereign wealth fund holds a stake of almost 13 per cent in VW’s preferred shares and another 17 per cent in its ordinary stock.

Qatar’s sovereign wealth fund may have lost US$4.6 billion in just two days from its stakes in Volkswagen (VW) and Glencore.

Qatar Investment Authority (QIA) – the biggest holder of VW’s preferred shares and the third-largest owner of its ordinary stock – stands to have lost as much as €3.8 billion (Dh15.5bn) from its holdings in the German car maker.

QIA is also the largest investor in Glencore, and its stake that might have lost £231 million (Dh 1.29 billion).

The ownership data are based on Bloomberg compilations from regulatory filings dated April in the most recent case.

A QIA media representative declined to comment on the current stakes.

VW and Glencore tumbled more than 15 per cent in the first two days of the week, leading slumps in European shares.

The car maker said it cheated on emissions rules in the United States, while Glencore closed at a record low as metals prices sank on concerns that China’s economy is slowing.

QIA holds a stake of almost 13 per cent in VW’s preferred shares and another 17 per cent in its ordinary stock. It owns 8.2 per cent of Glencore.

Norges Bank, Norway’s sovereign wealth fund and the world’s biggest, may also be on the hook, based on the latest data from December filings. They show stakes of 2 per cent and 1.7 per cent in VW ordinary shares and Glencore, respectively.

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