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German prosecutors start formal investigation of Porsche SE execs

Reuters  |  BERLIN 

(Reuters) - German said they have launched a formal investigation of 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 Automobil Holding SE and Hans Dieter Poetsch, who is currently SE Chief Executive, on suspicion they may have informed investors too late about risks to the holding firm from Volkswagen's diesel emissions scandal.

The inquiry is similar to one launched by last year in Braunschweig, near VW's Wolfsburg headquarters, into current and former VW board members over whether they delayed the release of information about the cheating of diesel emissions tests.

SE, which is headquartered in Stuttgart, controls 52.2 percent of VW's voting shares.

(Reporting by Andreas Cremer; Editing by Edward Taylor)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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