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On suspicion of market manipulation and failure to disclose information in a timely manner, Volkswagen Chairman Deiss was sued.

2024-09-17 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)09/25 Report--

Volkswagen's exhaust valve is fermenting again, and a number of charges keep it mired in scandals. According to foreign media reports, the current chairman of Volkswagen Deiss, the former chairman Winterkorn, and the current chairman of the supervisory board, Perch, have all been charged by German Brunswick prosecutors for suspected of "market manipulation." it took a long time to disclose the company's diesel exhaust test cheating scandal to the market, thus illegally affecting the stock price.

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All three Volkswagen executives told lawyers to refute the prosecution's allegations. The lawyer for Volkswagen Chairman Deiss said in a statement that the prosecution decision could not be understood and that the charges against Deiss were both factual and legally untenable.

Hiltrud Werner, a member of Volkswagen's legal management committee, said in an emailed statement: "over the past four years, the company has conducted a careful investigation into this issue with the help of internal and external legal experts. And the results of the investigation are clear: these allegations are groundless. " She said Volkswagen remained confident that it would continue to fulfill all its disclosure obligations under capital market laws.

The executive committee of Volkswagen's supervisory board responded that the US government had unexpectedly released the allegations that led to the collapse of Volkswagen's share price, and that Volkswagen's board could not foresee such a change in the US government's approach. As a result, the board of directors did not obtain sufficient concrete evidence of the obligation to notify the capital markets immediately.

Volkswagen's exhaust valve was officially revealed in September 2015, and the US Environmental Protection Agency found that Volkswagen was suspected of installing software that could be used to cheat on the vehicle's on-board computer to evade stringent exhaust tests. Volkswagen admitted the truth, Winterkorn, the then chairman, resigned, and Volkswagen Group launched a large-scale recall. Statistics show that Volkswagen lost nearly 30 billion euros, mainly for fines and compensation.

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