Martin Winterkorn, ex-CEO of Volkswagen, under investigation
FRANKFURT, Germany — The investigation into Volkswagen’s vast emissions scandal reached the top echelon of management for the first time after German prosecutors said Monday that they were looking into the carmaker’s former chief executive and a member of the management board for possible violations of securities laws.
The investigation threatens to undermine the main defense of the company, which admitted last year to installing illegal software in 11 million cars to cheat emissions tests.
[...] the carmaker has insisted that top management was not aware of the cheating software, known as a defeat device, until shortly before the disclosure of the deception in September.
[...] they said that the second suspect was not Hans Dieter Potsch, who was Volkswagen’s chief financial officer when the scandal came to light and is now chairman of the supervisory board.
The company has acknowledged that a lower-ranking executive sent Winterkorn a memo in May 2014 informing him about a private study that raised questions about Volkswagen diesel cars sold in the United States.
Last year, the company reported its first loss since 1993.
Since the admission, shares of the stock are off more than 20 percent.
The investigation threatens to undermine the main defense of the company, which admitted last year to installing illegal software in 11 million cars to cheat emissions tests.
[...] the carmaker has insisted that top management was not aware of the cheating software, known as a defeat device, until shortly before the disclosure of the deception in September.
[...] they said that the second suspect was not Hans Dieter Potsch, who was Volkswagen’s chief financial officer when the scandal came to light and is now chairman of the supervisory board.
The company has acknowledged that a lower-ranking executive sent Winterkorn a memo in May 2014 informing him about a private study that raised questions about Volkswagen diesel cars sold in the United States.
Last year, the company reported its first loss since 1993.
Since the admission, shares of the stock are off more than 20 percent.