VWe­mis­sions scan­dal be­gins to deepen

Matamata Chronicle - - Out & About - MO­TOR­ING

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.

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.