October 24, 2020

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    German court ends diesel case against Volkswagen CEO and Chairman

    A German court stated on Wednesday it was putting the proceedings against the chairman and chief executive of Volkswagen AG to an end after the automaker agreed to pay a fine of 9 million euros ($9.9 million) with concerns about the diesel emissions scandal. CEO Herbert Diess and non-executive Chairman Hans Dieter Poetsch were alleged […]

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    German prosecutors investigate bonus payments to former VW manager

    German prosecutors are probing a possible breach of fiduciary duty by Volkswagen regarding bonus payments made to an executive who was suspended following automaker’s emissions cheating scandal. German automaker was caught using software made for evading emissions tests on diesel engines. Volkswagen has argued the software was the work of a handful of engineers who […]

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    Porsche SE raises voting rights share in Volkswagen

    Porsche SE, the holding company controlling Germany’s Volkswagen, on Tuesday stated it raised its voting rights share in the automaker to 53.1 percent from 52.2 percent. “We continue to believe that Volkswagen group has a significant potential to increase its value and that its current capital market valuation does not reflect this,” stated Porsche SE’s […]

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    Volkswagen rejects allegations chairman was aware of emissions cheating

    Volkswagen has rejected allegations that Chairman Hans Dieter Poetsch was aware of the automaker’s emissions test cheating nearly three months prior U.S. authorities made it public in September 2015. Mentioning internal documents from investigators, German weekly Bild am Sonntag noted that Poetsch, VW’s finance head of the time, discovered about the automaker’s violations of the […]

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    Porsche SE executives, board members are safe to travel to U.S.

    Top managers and supervisory board members at Porsche SE, Volkswagen‘s majority shareholder, can still travel to the United States with no risk or fear for prosecution, the company’s head of legal affairs stated. “Porsche SE is convinced that no board member can be alleged of offences, and that the members of the management and supervisory […]

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    Volkswagen faces inquiry call following diesel fume tests on monkeys

    Volkswagen‘s supervisory board called an instant inquiry into who commissioned tests where monkeys were exposed to harmful diesel fumes, while the German government stated such studies were unjustifiable. “I will do whatever possible to make sure that this matter is investigated in detail,” Volkswagen supervisory board Chairman Hans Dieter Poetsch stated. “Whoever is accountable for […]

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    Extent of Volkswagen emissions manipulations discussed before it was known

    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 […]

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    Volkswagen chairman is fine with an outsider as next CEO

    Volkswagen has not dismissed breaking with business tradition and appointing an outsider as its next CEO, Chairman Hans Dieter Poetsch informed. Present CEO Matthias Mueller, whose agreement runs through 2020, has been with the Volkswagen group for almost 40 years, including in senior roles at premium divisions Audi and Porsche. A number of investors slammed […]

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    German prosecutors officially investigating Porsche SE execs

    German prosecutors are officially investigating Porsche SE CEOs Matthias Mueller and Hans Dieter Poetsch to figure out whether they manipulated markets by delaying the disclosure of data relating to Volkswagen‘s emissions scandal. The prosecutor’s office in Stuttgart stated on Wednesday it was examining Porsche SE executive board member Mueller, who is also the CEO of […]

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    Prosecutors investigates Porsche SE executives regarding market manipulation allegations

    Prosecutors in the German city of Stuttgart are checking out whether numerous executives at the holding company that manages Volkswagen manipulated markets by delaying the disclosure of emissions scandal in 2015. The questions resembles one launched by prosecutors in 2016 in Braunschweig, near VW’s Wolfsburg headquarters, into present and former VW board members over if […]

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    Porsche SE has no information about Piech’s stake sale talks

    Porsche SE, Volkswagen‘s majority shareholder, stated it has no details about previous VW chairman Ferdinand Piech’s talks with the automaker’s managing families about a potential sale of his stake. “We are just notified about that talks are taking place,” chief executive Hans Dieter Poetsch stated on Tuesday at the company’s earnings press conference. “We can […]

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    Volkswagen expects to sanction more workers in emissions scandal: Poetsch

    Volkswagen expects to expand disciplinary action beyond the two dozen workers the automaker has already suspended in a diesel emissions scandal, Chairman Hans Dieter Poetsch stated. “It is to be anticipated that there will yet be a whole string of (personnel) effects,” Poetsch told reporters late on Monday during the eve of the Geneva Motor […]

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    Hans Dieter Poetsch

    Volkswagen emissions scandal expands as prosecutors probe chairman Hans Dieter Poetsch

    German prosecutors broadened an inquiry into presumed market control by supervisors at Volkswagen to add the automaker’s supervisory board Chairman Hans Dieter Poetsch, Volkswagen stated. The investigation, which associates with Hans Dieter Poetsch’s time as financing chief, is the current fallout from Volkswagen‘s admission in 2015 that it cheated on diesel emissions tests. Volkswagen has […]

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    Volkswagen has no plans to sell brands, raise capital

    Volkswagen is ruling out the sale of any of its brands or a capital boost to cope with the costs of the emissions scandal, its supervisory board Chairman Hans Dieter Poetsch informed German daily Boersen-Zeitung. “The Volkswagen group is economically strong and has many options for funding,” Poetsch stated in the interview. “And that is […]

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    United Auto Workers: Volkswagen reneged on deal to recognize union

    A signed agreement reveals that Volkswagen authorities broke a pledge to acknowledge the United Auto Workers without another vote at the automaker’s only U.S. plant in Tennessee, a top union official stated Tuesday. Gary Casteel, the UAW’s secretary-treasurer, brought the 2014 file specifying that Volkswagen would acknowledge the UAW as the representative of its members […]

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