German investigators announced that they had opened a new folder on Volkswagen AG Chief Executive Matthias Mueller. However, he is not alone. Authorities put other key executives under their surveillance as well. The main purpose of this inquiry is to find out whether Mueller fueled the VW scandal by the decision to keep crucial information away from the public eyes or not.
The Name of Matthias Mueller Is for the First Time Tied to the 2015 VW scandal
On Wednesday, German prosecutors announced the inception of a new branch in the 2015 VW scandal. Matthias Mueller together with other two executives is suspected that he manipulated this event greatly. Authorities intend to discover how much these board members were involved in the company’s diesel emission violations.
This is the first time the name of Matthias Mueller was related to the 2015 VW scandal. Two years ago, U.S. authorities discovered that the automaker used cheat devices to bypass diesel-engine car tests. Mueller played an active role in the recovery of his firm prior to this storm. However, this new case might reopen this two-year-old wound and might not allow the company to move on the past this issue.
The other two executives that are currently under investigation are Martin Winterkorn, who is the predecessor of Mueller, and Hans Dieter Poetsch, who is currently SE Chairman of Porsche. The new case concerns similar illegal procedures to the 2015 VW emission issue. However, this time authorities investigate a similar move within Porsche headquarters.
Volkswagen and Porsche Shares Fell
This new announcement caused Volkswagen and Porsche SE shares to plummet even lower than before. On September 22, 2015, when Volkswagen informed its shareholders on an EUR6.5 billion charge, its shares slipped by 38%.
However, a Porsche spokesperson responded rapidly to this new investigation by naming its arguments as unfounded. This is because the automaker was on schedule with its legal requirement to update financial markets in due time. However, the key executives in this new case did not comment on the event.
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