German prosecutors investigating VW's Mueller over scandal

Volkswagen looks up as he arrives for a press conference of the German Volkswagen company in Wolfsburg Germany. Stuttgart prosecutors say Wednesday

Volkswagen looks up as he arrives for a press conference of the German Volkswagen company in Wolfsburg Germany. Stuttgart prosecutors say Wednesday

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.

Ajax boss Peter Bosz hits back at Jose Mourinho
More from Jose: "The players showed me they want to be in the #UEL final, they want to be an option & they gave everything they have".

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.

Recommended News

  • Oops! Bella Hadid suffers wardrobe malfunction at Cannes

    Oops! Bella Hadid suffers wardrobe malfunction at Cannes

    Elle , 19, opted for a more ostentatious look with a unicorn-printed Vivienne Westwood ballgown with an oversized, trailing skirt. PLUS she'd had the sense to wear undies that matched her dress, so at least that avoided an embarrassing mismatch situation.

    Former FBI Director Mueller to lead Trump-Russia probe

    Flynn's contacts with Russians during the campaign, as well as his work for the Turkish government, are under investigation. Almost six in 10 Americans think it's likely that Trump dismissed Comey to hinder the investigation, the poll found.
    Trump, Netanyahu speak by phone, but reportedly don't discuss leaks

    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.
  • Danny Ainge: Celtics likely to keep the No. 1 pick

    While three of the All-Time top franchises are seeing a rebirth of sorts, one member of that spectrum continues to slide. Thomas was the last overall pick by the Sacramento Kings in the 2011 draft.
    Backed Syrian militias 'capture' Tabqa from Islamic State

    Backed Syrian militias 'capture' Tabqa from Islamic State

    Until Tuesday, official USA policy was to supply weapons only to the Arab components of the SDF - never to its Kurds. Tensions escalated last month when Turkey conducted airstrikes on Kurdish bases in Syria and Iraq.
    Trump Escalates Feud with Ousted FBI Director Comey

    Trump Escalates Feud with Ousted FBI Director Comey

    Multiple officials, including Pence, said the president was acting at the behest of Rosenstein and Attorney General Jeff Sessions. It was the first time that Trump had explicitly tied the Russian Federation probe to his rationale for firing Comey.
  • Asus ZenFone AR arriving this summer as a Verizon

    Asus ZenFone AR arriving this summer as a Verizon

    There's 6GB of RAM on board, along with 128GB of built-in storage and a Qualcomm Snapdragon 821 processor to keep everything humming along.
    Did Justin Bieber Immediately Left India For This Reason?

    Did Justin Bieber Immediately Left India For This Reason?

    The 23-year-old Canadian singer arrived at the Kalina Mumbai airport along with his crew on a chartered flight at 1:30 am today. Bieber toured around Mumbai earlier in the day and visited a slum area as well as taking a ride on the streets of the city.
    NY Times: Trump Knew Flynn Was Under Investigation Before Hiring Him

    NY Times: Trump Knew Flynn Was Under Investigation Before Hiring Him

    King says, "I'm anxious with all special counsels because there's no control over them and they can abuse their power". Oversight Committee Chairman Jason Chaffetz of Utah said late Wednesday that Mueller is a "great selection".
  • Taiwan Semiconductor Manufacturing Company Limited (TSM), The AES Corporation (AES)

    The High Revenue estimate is predicted as 7.69 Billion, while the Low Revenue Estimate prediction stands at 7.42 Billion. Taiwan Semiconductor Manufacturing Company Limited (TSM ) has the market capitalization of $176.35 Billion.
    Trump asked Comey when he would dispel investigation rumors

    Trump asked Comey when he would dispel investigation rumors

    A Gallup tracking poll put Trump's approval rating at a historically low 38 percent, even before the latest wave of scandals. Walter Jones (R-N.C.) told The Hill , potentially voicing the concerns of other members.
    Arsene Wenger urges Arsenal fans to ignore boycott calls against Sunderland

    Arsene Wenger urges Arsenal fans to ignore boycott calls against Sunderland

    Arsene Wenger has come under vast pressure from the Arsenal fans this season to leave when his contract is up next month. We have to adapt to that, so every manager and every team makes whatever he wants".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.