VW says German prosecutors have widened an inquiry into suspected market manipulation by managers at Volkswagen to include the carmaker's supervisory board Chairman Hans Dieter Poetsch. As Helena Williams reports, the investigation relates to Poetsch's time as finance chief.
Another bump in the road for Volkswagen. The company announcing Sunday that its chairman is now being probed by German prosecutors. Hans Dieter Poetsch was the auto giant's finance chief when the emmissions cheating scandal erupted last year. Volkswagen admitted it had fitted more than 11 million diesel vehicles with software to deactivate pollution controls. Making the cars appear cleaner than they were in testing, while actually emitting up to 40 times the legally allowable pollution levels. The scandal damaging global business. The German carmaker is now trying to clean up its act And says that VW and Poetsch will fully support the prosecutors office in its investigation. (SOUNDBITE) (English) ANDREAS CREMER, REUTERS SENIOR CAR CORRESPONDENT, SAYING: "The widening of the investigation to the Chairman is coming at the worse possible time for Volkswagen. The company is right now on the final stretch of restructuring talks with the labour unions and a deal with the labour unions is seen as key by investors, by analysts, by experts for a recovery in the stock." (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "It is time to name names. If there are problems then they have to be addressed. It doesn't do anyone any favours if there is a new little scandal every three months. They have to deal with this and not be mired in this one thing the whole time." The German car maker is now trying to clean up itsact and says that VW and Poetsch will fully cooperate with the prosecutors office in its investigation.