German Prosecutor Drops Diesel Case Against Volkswagen's Poetsch
August 20 2020 - 10:23AM
Dow Jones News
German investigators have closed a probe of Volkswagen AG
supervisory board Chairman Hans Dieter Poetsch involving market
manipulation related to the Volkswagen group's diesel scandal.
Prosecutor Melanie Rischke said on Thursday that a fine of 1.5
million euros ($1.8 million) had been paid, without being more
specific.
An investigation of former Volkswagen Chief Executive Matthias
Mueller, who was also a board member at holding company Porsche
Automobil Holding SE at the time, was also dropped.
Mr. Poetsch serves as chief executive of the holding company,
the majority shareholder of Volkswagen.
Porsche SE said it welcomed the end of the investigation and
paid the fine, according to a company statement. It added that
board members "did not violate their duties under capital market
law in connection with the diesel issue."
The public prosecutor's office had investigated whether Porsche
SE had deliberately informed investors too late about the extent of
Volkswagen's diesel scandal.
Investigations into former Volkswagen CEO Martin Winterkorn
continue, the prosecutor said.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
August 20, 2020 11:08 ET (15:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Porsche Automobile (PK) (USOTC:POAHY)
Historical Stock Chart
From Oct 2024 to Nov 2024
Porsche Automobile (PK) (USOTC:POAHY)
Historical Stock Chart
From Nov 2023 to Nov 2024
Real-Time news about Porsche Automobile Holding SE (PK) (OTCMarkets): 0 recent articles
More Porsche Automobile Holding SE (PK) News Articles