Volkswagen Supervisory Board Committee Disagrees With Prosecutors
September 24 2019 - 10:47AM
Dow Jones News
By Max Bernhard
The executive committee of Volkswagen AG's (VOW.XE) supervisory
board said Tuesday that it disagrees with charges brought by German
prosecutors against the car maker's chief executive, chairman and a
former boss.
The Braunschweig public prosecutor accuses CEO Herbert Diess, as
well as Volkswagen's former CEO Martin Winterkorn and Supervisory
Board Chairman Hans Dieter Poetsch of deliberately informing the
market too late about payment obligations in the billions resulting
from the company's diesel scandal.
The committee, which is chaired by Mr. Poetsch himself but also
has the Minister President of Lower Saxony Stephan Weil and
Volkswagen's labor chief Bernd Osterloh among its members, said it
will continue to work with Mr. Diess and Mr. Poetsch.
Other committee members are Joerg Hofmann, the chairman of
Germany's powerful IG Metall union, as well as Audi AG (NSU.XE)
labor chief Peter Mosch and Wolfgang Porsche.
Volkswagen admitted in 2015 to having rigged some 11 million of
its diesel vehicles globally with software that allowed them to
dodge government emissions tests. The company's share price
plummeted in the days after the diesel emissions scandal
erupted.
The committee said Tuesday that the US authorities published
their allegations, which led the company's shareprice to tumble,
completely unexpectedly and that Volkswagen's board couldn't have
foreseen this change in the US authorities' approach. Therefore the
board didn't have sufficiently concrete indications that would have
led to the obligation to inform the capital market immediately, it
said.
Write to Max Bernhard at max.bernhard@dowjones.com
(END) Dow Jones Newswires
September 24, 2019 10:32 ET (14:32 GMT)
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