Volkswagen executives were reportedly told about the massive costs due to the diesel emission scandal a month before it came to light
Weeks before the Volkswagen diesel emission scandal came to light, several executives were reportedly warned about the possible costs during a meeting.
German tabloid Bild am Sonntag reports that Oliver Schmidt, a Volkswagen executive that was arrested earlier this year in U.S., said the costs of diesel emission cheating could cost the company up to $18.5 billion during a presentation held on August 25, 2015. Those that attended the presentation included former Volkswagen CEO Martin Winterkorn, VW's development chief at the time Heinz-Jakob Neusser, and Volkswagen brand chief Herbert Diess. This information comes from U.S. investigation documents obtained by the paper.
The issue at hand is that German law requires a company publish any news dealing with the stock in a timely fashion. Volkswagen notified investors about the cheating on September 18, almost a month after this reported meeting.Â
A number of Volkswagen investors have filed suit against the company due to the losses from the diesel emission scandal. German prosecutors are also investigating Volkswagen into possible market manipulation.
Source: Bild am Sonntag via Reuters
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