Germany Widens VW Investigation to Top Brass

Investigators now looking at chairman of board, 2 others
By Newser Editors and Wire Services
Posted Nov 6, 2016 7:33 AM CST
Germany Widens VW Investigation to Top Brass
In this 2014 file photo, then-Volkswagen CEO Martin Winterkorn, left, and then-CFO Hans Dieter Poetsch talk in Berlin. Volkswagen said that prosecutors have widened their investigation of the emissions scandal to include Poetsch.   (Michael Sohn)

(Newser) – German prosecutors have widened their investigation into Volkswagen's handling of the emissions scandal to include its board chairman, Hans Dieter Poetsch, reports the AP. Poetsch was VW's chief financial officer when the company's efforts to rig cars to cheat on US diesel emissions tests became public in September 2015. Volkswagen said in a statement that German prosecutors are investigating three members of the board including Poetsch. Prosecutors were already investigating former Volkswagen CEO Martin Winterkorn and VW brand chief Herbert Diess over allegations they didn't inform investors soon enough. VW rejects those allegations. "Based on careful examination by internal and external legal experts, the company reaffirms its belief that the Volkswagen board of management duly fulfilled its disclosure obligation under German capital markets law," it said in the statement Sunday.

story continues below

The company said VW and Poetsch would "continue to give the inquiries by the public prosecutor's office their full support." German law requires publicly traded companies to alert investors as soon as they become aware of unforeseen developments that could affect a decision to buy or sell the stock. The company has acknowledged learning in May 2014 that an environmental group had uncovered emissions irregularities, but that top officials didn't discuss the matter until more than a year later. The US Environmental Protection Agency issued a violation notice on Sept. 18, 2015, leading Volkswagen to assess the risks as more serious and issue its investor advisory on Sept. 22, 2015. Last month, a US federal judge in San Francisco approved a $15 billion settlement. (VW has also been taking flak over a historian who exposed the company's Nazi past.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.