German prosecutors clarify status of Volkswagen Chief Executive Martin

Covers for TDI diesel Volkswagen, Audi, SEAT and Skoda engines are seen in Jelah, Bosnia and Herzegovina, in this September 29, 2015 picture illustration.


Europe’s biggest carmaker has admitted cheating in diesel emissions tests on around 11 million diesel vehicles. At the stock’s lowest point, the company is facing more than US$30 billion (AU$42.87 billion) wipe-off in its market value since the scandal began. “It is a purely precautionary measure”, a spokesman said. How the company will react was among the topics on the table when the board’s leadership panel met late into the night on Wednesday with Chief Executive Officer Matthias Mueller. The decisions were made during seven hours of “intense discussions” at a board meeting on Wednesday evening, the statement said.

Winterkorn, CEO for nearly nine years, is being investigated by German prosecutors over allegations of fraud.

Sweden’s finance minister Magdalena Andersson said she may send a tax bill to VW for undeclared pollution of its diesel vehicles, as cars sold in the Nordic country have a tax assessed depending on the amount of pollution they emit.

Under existing company rules, Volkswagen could issue about 8 billion euros of preference shares, which do not carry voting rights, Warburton said.

A file pic from March 2014 shows Martin Winterkorn (L) then CEO of Volkswagen, and Volkswagen CFO Hans Dieter Poetsch. The city’s air quality is below national standards, and the county attorney said the Volkswagen vehicles that skirted emission regulations set back Houston’s clean-up efforts. It has promised to submit details to regulators next month.

“We don’t know what the global effects of this will be, to what degree it affects the Volkswagen group”, Varga said on broadcaster TV2.

The steering committee of VW’s supervisory board was “of the opinion that the investigations will take several months”, it said in a statement.

Litigation and regulatory actions have already been taken in the USA and overseas.

“There is now no formal investigation of Prof”.

Volkswagen announced Tuesday that it will be repairing up to 11 million vehicles in an attempt to salvage its damaged reputation following its recent emission scandal. Even strong sales of gasoline cars won’t be able to make up for that hit for long, Krebs said.

The crisis has proven to be embarrassing for Germany, where Volkswagen has always modelled as an engineering prowess. The German vehicle industry employs more than 750,000 people and is a major source of export income.


But VW said Poetsch’s move to the supervisory board would go ahead as planned, and he would be replaced by 56-year-old Frank Witter.

How Has the VW Scandal Affected the Environment?