Extent of Volkswagen emissions manipulations discussed before it was known

by SpeedLux
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Volkswagen engineers informed top managers that diesel emissions manipulations went far beyond concerns in the United States two days prior to the automaker made a public announcement to that result in 2015, Der Spiegel reported on Friday.

Volkswagen confessed on September 20, 2015, to setting up secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them seem cleaner than they were on the roadway.

The news cleaned billions of euros off its market value, but its stock cost took another struck when it stated 2 days later, on September 22, 2015, that the concern impacted not only vehicles in the United States however rather around 11 million cars worldwide.

German securities law needs companies to release any market sensitive news in a prompt fashion. A probe by German prosecutors consists investigating whether automaker revealed the possible financial damage to its investors without delay.

Volkswagen said it believed its management fulfilled its obligations under German disclosure rules. It turned down to comment even more, mentioning the prosecutors’ ongoing investigation.

Der Spiegel stated, without pointing out sources, that previous CEO Martin Winterkorn and finance chief Hans Dieter Poetsch were informed by engineers in a meeting on September 20 that the emissions manipulation was an international problem. It said the individuals of that meeting likewise went over whether the automaker was required to inform the public under German disclosure regulations.

Winterkorn, who resigned soon after the diesel scandal broke, has informed a government committee that he notified Germany’s Transport Minister Alexander Dobrindt on September 21, a day prior to the public declaration, that Volkswagen’s problems were international.

Der Spiegel quoted a file prepared by Volkswagen’s attorneys as saying the company did not have dependable numbers on the possible damage till the evening of September 21.

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