Arab Today, arab today german prosecutors probe former volkswagen ceo on market manipulation
Last Updated : GMT 18:19:32
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German prosecutors probe former Volkswagen CEO on market manipulation

Arab Today, arab today

Arab Today, arab today German prosecutors probe former Volkswagen CEO on market manipulation

former Volkswagen chief executive Martin Winterkorn
Berlin - Arab Today

German prosecutors launched a probe into alleged market manipulation by former Volkswagen chief executive Martin Winterkorn on Monday.

The state prosecutor's office in Braunschweig, which is near Volkswagen's headquarters in Wolfsburg, said there were "sufficient real indications" that Volksagen deliberately delayed informing shareholders about the company's emissions scandal and its financial consequences last year.

Besides Winterkorn, another unnamed Volkswagen manager, was also under investigation, according to the prosecutor's office.

Following a revelation of the U.S. regulators, Volkswagen admitted on Sept. 22, 2015 that it had installed illegal devices in some 11 million diesel vehicles to manipulate emissions in order to pass emissions tests.

Winterkorn resigned shortly thereafter. He apologized for the scandal, but denied personal wrongdoings.

In March this year, Volkswagen admitted that Winterkorn was sent a memorandum in May 2014 about high emissions in some vehicles, though it was unclear whether he read the memo.

Late on Monday, Volkswagen said that the statement of the prosecutor's office "does not cite any new facts or information on any serious breaches of duty by the members of the Board of Management now accused".

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