VW board and workers in support of top management despite emission test...

VW board and workers in support of top management despite emission test charges


Personnel from Volkswagen’s top management on Wednesday got the backing from supervisory board and workers, a day after imposition of charges related to the diesel emission scandal on those executives by German prosecutors.

Volkswagen’s existing CEO Herbert Diess, former CEO Martin Winterkorn as well as Hans Dieter Poetsch, non-executive Chairman of the company, have been charged by prosecutors in the city of Braunschweig for manipulating company’s stock market position.

Supervisory board of Volkswagen, in its statement on Wednesday, backed Diess and Poetsch by saying that they will remain in their offices.

Earlier on that day, at a wide range staff meeting at company’s headquarters, worker highly praised Poetsch, Reuters reported citing a participant who was a staff appeared to close positions behind senior managers.

German prosecutors came accusing Poetsch as well as current CEO Diess and former CEO Winterkorn of delaying making the news of manipulated emission tests public four years ago to refrain from its impact on stock market position, an accusation which also raised question about the more disturbance at the company and to its efforts of reinventing itself to hold the title of green car maker.

The supervisory board of the carmaker has not came to be finding any evidence of Poetsch and Diess in holding back the news of rigged emission scandal from making it known to markets, and for the reason, in its statement the board said it will continue successfully collaborating with the chief executive and the chairman.

Volkswagen’s staff meeting had long been scheduled at its Wolfsburg base as part of its normal course of holding meetings every three months as a usual practice.

In September 2015, the carmaker admitted of being using illegal software to deceive diesel engine tests in the United States, and the charges imposed explain that Volkswagen is in quest of progressing from a scandal which has already cost it an amount of more than $30 billion to go through refitting in vehicles, paying penalties and making other provisions.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I've written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I've done a little bit of everything. For what it's worth, I have a BA from Duke University and an MBA from Rollins College. I'm married with one daughter, and that's worth more than everything else put together.