Jump to content
News
Reviews
Discussons
Activity
Create New...
Close

VW News: As the Diesel Emits: Volkswagen Reportedly Kept Quiet on Costs of the Emission Mess for Months

William Maley

By William Maley
in Volkswagen

 Share

Recommended Posts

William Maley Enthusiast

William Maley

Posted
Posted

Weeks before the Volkswagen diesel emission scandal came to light, several executives were reportedly warned about the possible costs during a meeting.

German tabloid Bild am Sonntag reports that Oliver Schmidt, a Volkswagen executive that was arrested earlier this year in U.S., said the costs of diesel emission cheating could cost the company up to $18.5 billion during a presentation held on August 25, 2015. Those that attended the presentation included former Volkswagen CEO Martin Winterkorn, VW's development chief at the time Heinz-Jakob Neusser, and Volkswagen brand chief Herbert Diess. This information comes from U.S. investigation documents obtained by the paper.

The issue at hand is that German law requires a company publish any news dealing with the stock in a timely fashion. Volkswagen notified investors about the cheating on September 18, almost a month after this reported meeting. 

A number of Volkswagen investors have filed suit against the company due to the losses from the diesel emission scandal. German prosecutors are also investigating Volkswagen into possible market manipulation.

Source: Bild am Sonntag via Reuters


View full article

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing


×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search