Volkswagen CEO Matthias Mueller being investigated in emissions scandal

It is the first time that Mueller has been officially identified canada goose outlet locations in toronto as a suspect in the scandal, which has already cost Volkswagen tens of billions of dollars in settlements and fines after the carmaker installed software known as a “defeat device” in diesel vehicles to help them bypass emissions standards.Volkswagen Group CEO Matthias Mueller is pictured on a screen during the carmaker annual general meeting in Hanover, northern Germany, in early May. German prosecutors said on May, 17, 2017 they had opened a new investigation into Mueller and others over market manipulation in the wake of the carmaker diesel emissions scandal. (RONNY HARTMANN / AFP/GETTY IMAGES file photo)The state attorney’s office in Stuttgart, in southwestern Germany, also confirmed that it was investigating Hans Dieter Poetsch, chairperson of Volkswagen’s supervisory board, and Martin Winterkorn, the automaker’s former chief executive.Read more:Volkswagen emissions lawsuit in Canada reaches canada goose outlet uk sale $2.1B settlementVolkswagen canada goose outlet england profit jumps on new vehicles, cost controlsWhether top echelon managers knew of the emissions cheating, and if so, when, has major implications for Volkswagen’s finances. Volkswagen and Porsche Automobil Holding SE shareholders in Europe canada goose outlet store calgary and the United States have sued, claiming that members of the management board neglected their duty to warn of risks canada goose coats uk that could affect the canada goose outlet edmonton share prices. Porsche SE is a publicly listed company which controls a majority of Volkswagen shares.The suits also threaten the Porsche and Piech families, descendants of Ferdinand Porsche, inventor of the Volkswagen Beetle. The families’ wealth is tied up in Porsche SE. Six executives have so far also been charged in the United States, and one engineer has pleaded guilty to conspiring to defraud regulators and car owners.On Wednesday, prosecutors said they were investigating whether Mueller improperly withheld information about the emissions scandal from shareholders of Porsche SE before news of the deception became public in September 2015.In a statement, Stuttgart prosecutors said that Mueller, Winterkorn and canada goose outlet Poetsch were suspected of “knowingly failing to communicate in time the consequences arising from manipulation of software in Volkswagen diesel vehicles, especially financial consequences for Porsche SE.”In addition to his duties at Volkswagen, Mueller is a member of Porsche SE’s management board. Poetsch is also a member of the Porsche SE management board and Winterkorn is a canada goose outlet in usa former member. The holding company is controlled by members of the Porsche and Piech families, but it is subject to stock market regulation because it also has publicly traded preferred shares which do not have voting rights but are entitled to dividends.”Porsche SE considers the accusations to be groundless,” the company said in a statement, adding that it “has properly fulfilled its disclosure obligations under capital markets law.”Poetsch and Winterkorn had already been identified in a related investigation into market manipulation involving Volkswagen shares. Mueller has not been identified as a suspect in that inquiry, which is being conducted by prosecutors in Braunschweig, a city near Volkswagen’s headquarters in Wolfsburg, in northern Germany.Herbert Diess, a member of the Volkswagen management board in charge of Volkswagen brand cars, has also been named as a suspect in the Braunschweig market manipulation case. Environmental Protection Agency accused the company of using engine software to conceal excess emissions by diesel cars. He was replaced by Mueller, a longtime Volkswagen executive who had previously been in charge of the Porsche sports car division.Volkswagen declined to comment, but repeated assertions that the company’s executives had fulfilled their duties to shareholders.Scrutiny of Volkswagen’s management board had already been intensifying.In January, German prosecutors said that Winterkorn was a suspect in a criminal investigation into the emissions cheating. Winterkorn has testified in the German Parliament that canada goose outlet us he did not learn of the illegal software until shortly before it was disclosed by the EPA in September 2015.German investigators in March searched the offices of Mueller and Rupert Stadler, chief executive of the Audi luxury car unit who is also a member of Volkswagen’s management board. The investigators took documents and other materials while not naming either man as a suspect. Both have denied any wrongdoing.So far, the Volkswagen supervisory board, a group of shareholder and worker representatives who oversee the management board, has resisted calls for deeper changes canada goose outlet buffalo in top management. The Porsche and Piech families, which, via the holding company, own a majority of Volkswagen shares with voting rights and exert strong influence over the supervisory board, have also maintained their backing of the management.

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