Germany: German prosecutors open fraud inquiry into former Volkswagen CEO

Author(s): Jan Schwartz | Date: January 27, 2017 | Language: English
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German prosecutors are investigating former Volkswagen chief executive Martin Winterkorn on suspicion of fraud, looking into when he first knew that the carmaker was rigging diesel emissions tests.
It is the second investigation into Winterkorn’s role in the scandal by prosecutors in the German town of Braunschweig near Volkswagen’s (VW) Wolfsburg headquarters. The former CEO is already being investigated over possible market manipulation.
VW’s acknowledgement in September 2015 that it had used software to reduce emissions levels when cars were being tested in the United States wiped billions of euros from its market value, forced Winterkorn’s resignation and led to investigations and lawsuits around the world.

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