VWemissions scandal begins to deepen
German prosecutors have widened their investigation into Volkswagen’s handling of the emissions scandal to include its board chairman, Hans Dieter Poetsch, the company said.
Poetsch was VW’s chief financial officer when the company’s efforts to rig cars to cheat on United States diesel emissions tests became public in September 2015. Volkswagen said in a statement that prosecutors in the German city of Braunschweig are investigating three members of the board including Poetsch. Prosecutors were already investigating for- mer 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. The company said VW and Poetsch would give its full support to the inquiry. 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.
Hans Dieter Poetsch, board chairman of German car maker Volkswagen.