A Volkswagen manager informed the then CEO and other supervisors that the automaker’s diesel emissions cheating could cost approximately $18.5 billion, almost a month prior investors were informed, Bild am Sonntag reported.
Investors were informed about VW’s emissions test cheating utilizing illegal software on September 18 2015, when the United States Environmental Protection Agency (EPA) notified markets.
The German newspaper Bild am Sonntag reported that Oliver Schmidt, a VW executive who was detained in Miami in January, informed the then CEO Martin Winterkorn about possible monetary implications during an August 25, 2015 discussion.
German securities law requires companies publish any market sensitive news in a prompt fashion. An investigation by German prosecutors consists of investigating whether VW revealed information without delay.
The paper said Schmidt notified Winterkorn regarding the maximum possible penalty at the meeting that was likewise participated in by Heinz-Jakob Neusser, VW’s development chief at the time, and Herbert Diess, who still operates as VW’s brand chief.
Bild am Sonntag pointed out U.S. investigation documents.
A VW representative said the firm would not talk about the report because of ongoing legal and regulative investigations. It has formerly stated it did not break disclosure rules. The VW representative also stated Diess had no comment.