VW says headquarters searched again by prosecutors in emissions case

Image
Reuters BERLIN
Last Updated : Mar 20 2018 | 2:15 PM IST

BERLIN (Reuters) - Volkswagen said on Tuesday that its global headquarters were searched again by German prosecutors in early March as part of an investigation into its diesel emissions scandal, confirming a magazine report.

WirtschaftsWoche reported earlier on Tuesday that state prosecutors had started fresh enquiries into suspicions of market manipulation at Volkswagen (VW) to determine whether VW had understated carbon dioxide emissions (CO2) on more cars than it had publicly admitted.

Authorities from the city of Braunschweig searched 13 offices in the nearby VW headquarters in Wolfsburg at the start of March, seizing documents and computer files that will now be reviewed over the next few weeks, WirtschaftsWoche cited a spokesman for the investigators as saying.

The authorities said they were checking a statement issued by VW on Dec. 9, 2015 over suspicions its contents were not correct and whether it therefore represented a case of market manipulation.

VW shares did not react to the news of new searches and were trading up 0.4 percent at 160.2 euros at 0827 GMT.

VW said in Dec. 2015 that its own investigations found it had understated fuel consumption, and hence CO2 emissions, on no more than 36,000 vehicles. That was much lower than its own preliminary estimate of around 800,000 vehicles disclosed five weeks earlier.

It also said it had found no evidence of unlawful alterations to CO2 emissions data, providing some relief as it battled the fallout from emissions cheating revealed by United States regulators in Sept. 2015.

WirtschaftsWoche quoted VW as saying that it believed it met the requirements for such regulatory statements.

A VW spokesman merely confirmed that latest searches in Wolfsburg but declined further comment. The prosecutor's office in Braunschweig was not immediately available to comment when contacted by Reuters.

(Reporting by Victoria Bryan, Jan Schwartz and Andreas Cremer; Editing by Keith Weir; Editing by Madeline Chambers and Keith Weir)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Mar 20 2018 | 2:02 PM IST

Next Story