Renault CEO Carlos Ghosn targeted in French diesel investigation

France’s consumer fraud guard dog told district attorneys that Renault CEO Carlos Ghosn must be held responsible for the automaker’s suspected diesel emissions cheating, a judicial source stated last week.

The comments were included in a dossier sent last November by the finance ministry’s DGCCRF anti-fraud body, the source stated. The company announced at the time it had found presumed breaches of French law by Renault, and prosecutors opened an official investigation two months later.

Renault shares dropped 3.7 percent on Wednesday after more information of the watchdog’s accusations were released by daily Liberation.

The automaker has consistently denied any misconduct and has not been charged with any breaches. It was not right away available to talk about it. The finance ministry refused to comment.

After Volkswagen’s exposure in 2015 for U.S. diesel test-cheating, a number of European nations released their own investigative test programs.

They discovered on-road nitrogen oxide (NOx) emissions over 10 times above regulatory limitations – for some General Motors, Renault and Fiat Chrysler cars – and extensive use of devices that minimize exhaust treatment in some conditions.

The French test program, managed by an examining committee, has so far resulted in action against Renault and three others: PSA Group, Fiat Chrysler and Volkswagen.

In its Renault submission, the DGCCRF stressed Ghosn’s managerial responsibility, the judicial source stated, confirming other French media reports.