Volkswagen Chairman Faces Investigation in Germany

Volkswagen Chairman Faces Investigation in Germany

After emissions scandal led to massive fine for German automaker Volkswagen, the company chairman is facing investigation in Germany. The company faces charges related to market manipulation and German prosecutors have included Volkswagen chairman Hans Dieter Poetsch in the probe.

Volkswagen faced massive troubles after the emissions scandal which led to decline in its market capitalization. The company has recently reached a deal with U.S. lawmakers to resolve the legal hassles related to emissions scandal.

After reports of software designed by the company to cheat emissions tests by regulatory authorities, Volkswagen has suffered a major blow to its reputation. In the United States, the company would end up paying more than $14 billion to settle the issues.

Poetsch took over the role of Chairman in October 2015 and was earlier serving as finance chief at the company. After the scandal with emissions in the United States, Chief Executive Martin Winterkorn lost his job at German auto major.

In a statement issued on Sunday, Volkswagen said, "Based on a thorough examination by internal and internal legal experts, the company reaffirms its belief that VW's management fulfilled its duties to inform the capital market."

A report published by German newspaper Bild am Sonntag informed that the California Air Resources Board (CARB) had made a new discovery of cheating software in an automatic transmission Audi in summer 2016.

This could lead to further troubles for Volkswagen. The company said that it stopped using the software in Audi cars in May 2016. Audi is a major brand for Volkswagen and contributed major portion to profit of the company.


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