Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

German authorities search Continental, VW as part of diesel probe

Published 07/01/2020, 08:26 AM
Updated 07/01/2020, 08:30 AM
© Reuters. FILE PHOTO: Hearing over VW diesel emissions cheating scandal, in Braunschweig

BERLIN (Reuters) - German prosecutors have extended their diesel emissions probe to include auto supplier Continental (DE:CONG) for its role in supplying engine components, searching the company's offices and those of automaker Volkswagen (DE:VOWG_p), the companies said on Wednesday.

Prosecutors in Hanover, Germany conducted the searches as part of an investigation into how a 1.6 litre diesel engine came to violate emissions rules by masking excessive pollution levels.

Premises in Hanover, Regensburg, Wolfsburg, Gifhorn, Berlin, Frankfurt und Nuernberg were searched by 76 Police and 4 prosecutors, a spokesman for the Hanover prosecutor's office said on Wednesday.

"We are investigating employees of Continental for abetting fraud and for providing false documentation," Prosecutor Oliver Eisenhauer told Reuters, adding that 7 engineers and 2 project leaders were among the accused. Two business heads and a compliance officer were also cooperating with the probe, he added.

Continental said in a statement that several of its offices had been searched, adding it was cooperating with the authorities, but declined to comment on the investigation.

A Volkswagen spokesman said the carmaker was cooperating with the probe in the capacity as a witness, given that VW has already settled with prosecutors in Braunschweig.

The Hanover prosecutor's office said the Hanover probe was an extension of the prior probes against Audi and VW.

© Reuters. FILE PHOTO: Hearing over VW diesel emissions cheating scandal, in Braunschweig

The WirtschaftsWoche magazine had earlier reported that prosecutors in the northern German city of Hanover had searched offices of Continental and carmaker Volkswagen.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.