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Porsche SE Denies Misleading Investors on VW Diesel Scandal
Porsche Automobil Holding SE, which owns a controlling stake in Volkswagen AG, denies it misled investors about the carmaker’s diesel emission cheating scandal.
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Porsche Automobil Holding SE, which owns a controlling stake in Volkswagen AG, denies it misled investors about the carmaker’s diesel emission cheating scandal.
Prosecutors in Stuttgart revealed earlier this month they are investigating Porsche SE to determine whether any of its directors knew of the cheating but failed to notify investors before the scandal became public in September 2015. Bloomberg News says the holding company faces 159 diesel-related lawsuits in Germany that demand a combined €900 million ($1 billion) in compensation.
The probes center on VW executives who currently or once sat on the Porsche SE board. They comprise Hans Dieter Poetsch, current CEO of Porsche SE and chair of the VW supervisory board; Matthias Mueller, VW CEO and member of the Porsche SE management board; and Martin Winterkorn, a former CEO of both companies.
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