Volkswagen CEO Targeted in Emissions Cheating Probe
17 Maggio 2017 - 1:37PM
Dow Jones News
By William Boston
BERLIN-- Volkswagen AG Chief Executive Matthias Müller has been
targeted for the first time in a probe in connection with events
linked to the disclosure of the company's emissions-cheating
scandal, threatening the company's efforts to put the two-year-old
saga behind it.
The state's prosecutor in Stuttgart confirmed Wednesday that Mr.
Müller, his predecessor Martin Winterkorn, and current Chairman
Hans Dieter Poetsch had been under investigation since February on
suspicion of stock market manipulation in connection with the
scandal.
The Stuttgart probe doesn't allege that the executives are
suspected of playing a role in the diesel scandal itself--a
conspiracy to mislead regulators about the level of emissions
produced by the car maker's diesel engines over several years.
Rather, the Stuttgart probe is looking into whether as members
of Porsche SE's board they withheld information from investors
about an unfolding U.S. investigation into the manipulation before
it became public in 2015, causing Volkswagen's shares to drop and
exposing shareholders to big losses.
The revelation is bad news for Volkswagen, which has tried to
draw a line under the scandal, in part by handing management to an
untainted team led by Mr. Müller. It could also add momentum to
thousands of investor lawsuits in Germany that are seeking more
than EUR8 billion ($8.9 billion) in damages from Volkswagen and
draw the Porsche clan's family holding into the fray for the first
time.
Porsche SE manages the 52% stake in Volkswagen AG held by the
heirs of Beetle inventor Ferdinand Porsche since sports car maker
Porsche AG was folded into Volkswagen in 2012. Volkswagen has
pleaded guilty in the U.S. to conspiracy to commit fraud in
connection with the emissions cheating and has agreed to pay nearly
$25 billion in fines, penalties, legal fees and compensation for
customers.
"There is cause to believe that the accused were intentionally
late to inform shareholders about the financial consequences,
especially for shareholders of Porsche SE, of the software
manipulation of diesel vehicles," the Stuttgart state's attorney
said in a statement.
A spokesman for Porsche SE said the charge was unfounded and
that the company fulfilled its obligations to inform financial
markets in a timely fashion. The opening of an investigation by a
prosecutor doesn't guarantee that the people affected will be
charged, let alone convicted.
Mr. Müller was CEO of sports car maker Porsche AG when the
scandal unfolded and a member of the supervisory board of Porsche
SE
When U.S. investigators disclosed the scandal on Sept. 18, 2015
and charged Volkswagen with violating U.S. law, the German car
maker's shares plunged, losing nearly half their value and causing
billions of euros in share losses and causing the company to report
its worst ever loss in 2015.
Write to William Boston at william.boston@wsj.com
(END) Dow Jones Newswires
May 17, 2017 07:22 ET (11:22 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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