- German prosecutors are investigating whether Volkswagen (DE:VOWG_p) (OTCPK:VLKAF, OTCPK:VLKAY) CEO Matthias Müller and other key board members and company executives adequately disclosed financial liabilities related to the emissions cheating scandal, WSJ reports, in the first time Müller has been named in a related criminal probe.
- State prosecutors said today that Müller, his predecessor Martin Winterkorn, and current Porsche (OTCPK:POAHF, OTCPK:POAHY) Chairman Hans Dieter Poetsch are under investigation on suspicion they intentionally withheld information from investors ahead of a public “notice of violation” by the U.S., stemming from the emission issue.
- The newly disclosed investigation threatens to complicate VW’s efforts to maintain its operational and financial recovery, and could add momentum to thousands of investor lawsuits in Germany that are seeking more than €8B ($8.9B) in damages.
- Now read: Will The Atlas Large SUV Bring Volkswagen's U.S. Production Back Into Optimal Scale?
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