Former VW CFO Investigated by German Prosecutors

Former VW CFO Investigated by German Prosecutors

Hans Dieter Poetsch, former VW finance chief and current supervisory board chairman is now the target of a German investigation.

The investigation centers around suspected market manipulation and came about as a result of the TDI scandal that rocked Volkswagen. The investigation that Poetsch is now being included in is the same one that investigated former VW CEO Martin Winterkorn and brand chief Herbert Diess.

“Based on a thorough examination by internal legal experts, the company reaffirms its belief that VW’s management fulfilled its duties to inform the capital market,” said VW in a release.

SEE ALSO: A New Cheat Device Has Been Found in Audi Vehicles: Report

The Porsche and Piech families, who are behind Porsche SE, the holding company that has a controlling share of VW, are publicly supporting Poetsch.

The investigation comes at a bad time for VW, which is facing criticism for arguing last week that its defeat device did not contravene European law. Moreover, a report this weekend alleges that another cheat device, distinct from those involved in the TDI scandal, has been found in the Audi A6, Q5, and more.

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[Source: Automotive News]