Wednesday, 17 May 2017

Porsche bosses probed under VW emissions scandal

Two Porsche bosses are under investigation over their role in Volkswagen's emissions scandal.

German prosecutors suspect the executives, Matthias Mueller and Hans Dieter Poetsch, may have delayed releasing information to investors.

Porsche, which is owned by VW, took a hit to profits after the emissions cheat system was exposed.

A similar inquiry was launched last year into current and former VW board members over the same accusations.

Mr Mueller, the boss of Porsche SE - the parent company of the sportscar maker - and chairman of VW, will be questioned by prosecutors in Stuttgart.
Mr Poetsch, the former boss and now chief executive of VW, will also be interviewed.

The key issue at stake is whether the executives knew about the emissions scandal unfolding in the US, but failed to inform the stock market in a timely manner.

Executives are expected to update investors as soon as price sensitive information comes to light, or risk accusations of market manipulation.

Porsche SE said the allegations were unfounded, adding it had complied with disclosure rules.

The family-owned holding company is headquartered in Stuttgart and controls 52.2% of VW's voting shares.

BBC       News.

No comments:

Post a Comment