FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) Chief Executive Herbert Diess was told about the existence of cheating software in cars two months before regulators blew the whistle on a multi-billion exhaust emissions scandal, German magazine Der Spiegel said.
Herbert Diess, Volkswagen's new CEO, speaks during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt - RC1A6C9AD8F0
Der Spiegel’s story, based on recently unsealed documents from the Braunschweig prosecutor’s office, raises questions about whether VW informed investors in a timely manner about the scope of a scandal which it said has cost it more than $27 billion in penalties and fines.
Volkswagen’s senior management, which has denied wrongdoing, is being investigated by prosecutors in Braunschweig, near where Volkswagen is headquartered, to see whether the company violated disclosure rules.
U.S. regulators exposed VW’s cheating on Sept. 18, 2015.
Responding to the magazine report, the carmaker reiterated on Saturday that the management board had not violated its disclosure duties, and had not informed investors earlier because they had failed to grasp the scope of the potential fines and penalties.
Citing documents unsealed by the Braunschweig prosecutor’s office, Der Spiegel said Diess was present at a meeting on July 27, 2015 when senior engineers and executives discussed how to deal with U.S. regulators, who were threatening to ban VW cars because of excessive pollution levels.
Diess, who was VW’s brand chief at the time, became chief executive of Volkswagen Group in April this year. Volkswagen also owns the Scania, Skoda, Audi, Porsche, Bentley, Bugatti, Lamborghini and Ducati brands.
The U.S. Environmental Protection Agency (EPA) had found unusually high pollution levels in VW’s vehicles and was threatening to withhold road certification for new cars until VW explained why pollution levels were too
