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German prosecutors start formal investigation of Porsche SE execs
May 17, 2017 / 8:25 AM / 6 months ago

German prosecutors start formal investigation of Porsche SE execs

BERLIN, May 17 (Reuters) - German prosecutors said they have launched a formal investigation of Porsche SE executives Matthias Mueller and Hans Dieter Poetsch on grounds of suspected market manipulation.

The prosecutor’s office in Stuttgart said on Wednesday it is investigating Mueller, the current Chief Executive of Volkswagen , for his role as board member of Porsche Automobil Holding SE and Hans Dieter Poetsch, who is currently Porsche SE Chief Executive, on suspicion they may have informed investors too late about risks to the Porsche holding firm from Volkswagen’s diesel emissions scandal.

The inquiry is similar to one launched by prosecutors last year in Braunschweig, near VW’s <VOWG_p,.DE> 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, which is headquartered in Stuttgart, controls 52.2 percent of VW’s voting shares. (Reporting by Andreas Cremer; Editing by Edward Taylor)

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