German prosecutors investigating VW's Mueller over scandal

German prosecutors investigating VW's CEO over scandal

German prosecutors investigating VW's CEO over scandal

German prosecutors suspect the current and former boss, Matthias Mueller and Hans Dieter Poetsch, may have delayed releasing information to investors.

The chief executive of German vehicle giant Volkswagen is under formal investigation for the first time in relation to the emissions scandal which rocked the company in 2015.

Porsche SE, separate from VW subsidiary Porsche AG, is a holding company with a majority stake in Volkswagen, and is itself owned by the descendants of renowned VW Beetle inventor Ferdinand Porsche.

The automakers insist they fulfilled their financial disclosure obligations in a timely fashion and said the prosecutors charge is unfounded, Marketwatch reports, citing a spokesperson for Porsche.

The company is in the process of removing the illegitimate software that allowed it to cheat tests, which it insists will inflict no loss of value on auto owners in Europe.

The scandal concerning the Volkswagen Group, which includes the Audi, Bentley, Porsche, SEAT and Skoda brands, arose in 2015, when the United States Environmental Protection Agency (EPA) revealed that that the German auto manufacturer had fitted its vehicles with software that allowed them to cheat pollution controls.

Trump, Netanyahu speak by phone, but reportedly don't discuss leaks
When the White House disputed Comey's version, then-FBI Director Robert Mueller's contemporaneous notes were used as confirmation. But the prospect of those memos seeing the light of day has to be frightening for a White House that is already taking on water.

A Volkswagen spokesman refused to comment on the prosecutors' statement when contacted by AFP.

The criminal investigation, announced today, is based on a complaint from the Federal Financial Supervisory Authority, or BaFin, Germany's equivalent of the U.S. Securities and Exchange Commission.

Poetsch, the former boss and now chief executive of VW, will also be interviewed.

Others face probes over incorrect carbon dioxide emissions data.

Volkswagen shares had lost 1.0 per cent in Frankfurt trading to reach 141.95 euros ($157.50) by 1025 GMT, while the main DAX 30 index was down around 0.4 per cent.

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