German prosecutors formally probe Porsche SE execs

German prosecutors are formally investigating Porsche SE executives Matthias Mueller and Hans Dieter Poetsch to determine whether they manipulated markets by delaying the disclosure of information pertaining to Volkswagen’s (VW) emissions scandal.
By : Berlin
| Updated on: 18 May 2017, 02:03 PM
German prosecutors formally probe Porsche SE execs
German prosecutors formally probe Porsche SE execs
German prosecutors formally probe Porsche SE execs
German prosecutors formally probe Porsche SE execs

German prosecutors are formally investigating Porsche SE executives Matthias Mueller and Hans Dieter Poetsch to determine whether they manipulated markets by delaying the disclosure of information pertaining to Volkswagen's (VW) emissions scandal.

The prosecutor's office in Stuttgart said on Wednesday it was investigating Porsche SE executive board member Mueller, who is also the chief executive of Volkswagen, and Porsche SE CEO Poetsch, who is also VW's chairman, on suspicion they may have informed investors too late about financial risks to the Porsche holding firm from Volkswagen's emissions scandal.

Similar Cars

Find More Cars
Porsche Macan (HT Auto photo)
Porsche Macan
1984 cc | Petrol | Automatic (Dual Clutch) | 12.35 kmpl
₹69.98 - 84.04 Lakhs**Ex-showroom price
Porsche 718 (HT Auto photo)
Porsche 718
1988 cc | Petrol | Automatic (Dual Clutch) | 13.51 kmpl
₹85.46 - 1.64 Lakhs**Ex-showroom price
Porsche Cayenne (HT Auto photo)
Porsche Cayenne
2995 cc | Petrol | Automatic (Torque Converter) | 10.6 kmpl
₹1.27 - 1.93 Cr**Ex-showroom price
Porsche Cayenne Coupe (HT Auto photo)
Porsche Cayenne Coupe
2995 cc | Petrol | Automatic (Torque Converter) | 10.75 kmpl
₹1.35 - 1.98 Cr**Ex-showroom price
Porsche Panamera (HT Auto photo)
Porsche Panamera
2894 cc | Petrol | Automatic (Dual Clutch)
₹1.44 - 2.71 Cr**Ex-showroom price
Porsche Taycan (HT Auto photo)
Porsche Taycan
 
₹1.5 - 2.1 Crore**Ex-showroom price

The inquiry, which also targets former VW CEO Martin Winterkorn and has been running since February, is similar to one launched by prosecutors last year in Braunschweig, near VW's Wolfsburg headquarters, into current and former VW board members over whether they delayed the release of information about the cheating of diesel emissions tests.

Porsche SE said the allegations were unfounded, adding it had complied with disclosure rules. The family-owned holding company is headquartered in Stuttgart and controls 52.2% of VW's voting shares.

Prosecutors said the investigation was prompted by a complaint from markets regulator BaFin in the summer of 2016, the same time at which Braunschweig prosecutors launched their probe into VW officials.

First Published Date: 17 May 2017, 05:59 PM IST
TAGS:
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city