Report: Pötsch and Müller Under Investigation for Market Manipulation

Volkswagen’s CEO and its chairman are being investigated by Stuttgart prosecutors over allegations of market manipulation. The investigation comes in the wake of the diesel emissions scandal.

Müller and Pötsch, along with VW’s former CEO Martin Winterkorn, who is also under investigation, have held positions at both VW and Porsche SE, the holding company that owns most of VW’s stock, and the investigation centers around their dual roles.

The prosecutors are looking into whether or not whether or not the three men were too slow in telling Porsche SE’s shareholders about the emissions cheating, according to an anonymous source who spoke to Bloomberg.

“We believe Porsche SE fulfilled its obligations to comply with capital market rules,” said Porsche SE spokesperson Albrecht Bamler.

Although Pötsch and Winterkorn are already being investigated in another probe, this investigation marks the first time that Matthias Müller, who joined the VW after the scandal came to light, has been named by prosecutors in a matter related to the dieselgate scandal.

The probe comes following a complaint from last summer from German financial regular Bafin.

[source: Bloomberg]

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