The Story:
Volkswagen is once again under scrutiny by Germany’s financial watchdog BaFin as investigations are now underway around possible disclosure of information about “dieselgate” by the carmaker to third parties. Two years on, the auto major’s worries are still not behind it.
Why It Matters:
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A probe by BaFin is already underway regarding allegations of insider trading in relation to the emissions scandal that rocked Europe’s largest auto manufacturer two years ago.
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Volkswagen is also being investigated by Braunschweig prosecutors in connection with manipulating the market.
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Volkswagen has already been hit with tens of billions of dollars in fines and penalties from various regulatory bodies around the world, not to mention compensations for affected car owners.
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The new investigation could further expand the cost of the “dieselgate” scandal for the German automaker.
The Nuts and Bolts:
In late 2015, news broke that Volkswagen had used special software on 11 million vehicles that would have the vehicles show cleaner-than-actual emissions when subjected to tests.
The matter did not become public until Sep. 22, 2015.
This Friday German magazine Der Spiegel reported that Volkswagen’s then-CEO Martin Winterkorn had disclosed the information a day earlier, on Sep. 21, to Alexander Dobrindt, the then-Transport Minister, as well as the head of the KBA motor vehicle watchdog.
The new investigation is around Winterkorn revealing sensitive insider information to unauthorized persons before the public announcement was made the following day.
A BaFin spokesman confirmed the German magazine’s report.
