Germany’s prosecutor’s office accused Volkswagen management of market manipulation

Germany’s prosecutor’s office accused Volkswagen management of market manipulation

September 25, 2019 0 By autotimesnews

The prosecutor accused top managers of the German automaker in manipulating the market.

According to the prosecutor’s office of the city of Braunschweig, Lower Saxony, investors were too late informed Volkswagen senior management about the manipulation of environmental tests on diesel models, for which the concern received huge fines. On this fact, charges were brought against Chief Executive Officer Herbert Diess, Chairman of the Supervisory Board Hans Dieter Pötsch and former CEO Martin Winterkorn.

According to a foreign publication, the company’s management informed the financiers only four years ago, although Volkswagen management learned earlier about the identified violations at an internal meeting in July of the same 2015, which was attended by Winterkorn and Diss.

In June 2018, a Braunschweig court found Volkswagen guilty of fraud with software for on-board computer computers that took place between 2007 and 2015 and fined it for 1 billion euros. Specialists installed on cars equipped with diesel engines, software that underestimated the real indicators of emissions of harmful substances, thus circumventing environmental tests in the United States.