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The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market. During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. The suit says: Winterkorn resigned within days of the scandal braking in 2015. Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously". Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US. -
The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market. During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. The suit says: Winterkorn resigned within days of the scandal braking in 2015. Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously". Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US. View full article
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Audi finds itself in more legal trouble, but not fully related to the diesel emission scandal. The Wall Street Journal reports that German prosecutors have opened an investigation into three employees of Audi for possible falsifying of documents to get roadworthiness certifications for vehicles heading to South Korea. Karin Jung, a Munich prosecutor told the paper that the three people are suspected of falsifying serial numbers, and manipulating test and mileage readings. This investigation stems from raid done by Munich authorities of Audi's offices last year. One of the documents they found was an internal report about an investigation into a situation in South Korea. That situation saw an executive in Audi's Korean office be sentenced for 18 months in prison "falsifying documents to achieve certification of the vehicles for export to South Korea." After looking through the report and the investigation in South Korea, Munich prosecutors began a new investigation. Jung said there could be more suspects as the investigation continues on. The is the latest in Audi's misfortunes. Earlier this month, Rupert Stadler was terminated as CEO of Audi. He has been in Jail since June over possible evidence tampering. Sales of Audi vehicles in Europe has been falling as well, with a 56 percent drop in September. Overall sales for the year are down 7 percent. Source: Wall Street Journal (Subscription Required) -
Audi finds itself in more legal trouble, but not fully related to the diesel emission scandal. The Wall Street Journal reports that German prosecutors have opened an investigation into three employees of Audi for possible falsifying of documents to get roadworthiness certifications for vehicles heading to South Korea. Karin Jung, a Munich prosecutor told the paper that the three people are suspected of falsifying serial numbers, and manipulating test and mileage readings. This investigation stems from raid done by Munich authorities of Audi's offices last year. One of the documents they found was an internal report about an investigation into a situation in South Korea. That situation saw an executive in Audi's Korean office be sentenced for 18 months in prison "falsifying documents to achieve certification of the vehicles for export to South Korea." After looking through the report and the investigation in South Korea, Munich prosecutors began a new investigation. Jung said there could be more suspects as the investigation continues on. The is the latest in Audi's misfortunes. Earlier this month, Rupert Stadler was terminated as CEO of Audi. He has been in Jail since June over possible evidence tampering. Sales of Audi vehicles in Europe has been falling as well, with a 56 percent drop in September. Overall sales for the year are down 7 percent. Source: Wall Street Journal (Subscription Required) View full article -
Former Volkswagen CEO Martin Winterkorn is already being investigated by German prosecutors over market manipulation because of the diesel emission scandal. But now, he finds himself under a new investigation by prosecutors on the suspicion of fraud. Reuters reports that prosecutors in Braunschweig believe Winterkorn knew about the cheat used on the 2.0L TDI well before the timeframe he has admittedly publicly. This suspicion comes as the result of numerous interviews with witnesses and suspects, along with raids on 28 houses and offices this week. "Sufficient indications have resulted from the investigation, particularly the questioning of witnesses and suspects as well as the analysis of seized data, that the accused (Winterkorn) may have known about the manipulating software and its effects sooner than he has said publicly," prosecutors said in a statement. At a hearing last week in Berlin, Winterkorn declined to say when he first learned about the cheat, citing the investigation being done by prosecutors. "For now, Dr. Winterkorn is sticking with the statement he made before a German parliamentary committee of inquiry (into the scandal) on Jan. 19," said Felix Doerr, a lawyer representing Winterkorn in an email to Reuters. Prosecutors also revealed that the number of people possibly involved in the scandal has risen from 21 to 37, including Winterkorn. Source: Reuters -
Former Volkswagen CEO Martin Winterkorn is already being investigated by German prosecutors over market manipulation because of the diesel emission scandal. But now, he finds himself under a new investigation by prosecutors on the suspicion of fraud. Reuters reports that prosecutors in Braunschweig believe Winterkorn knew about the cheat used on the 2.0L TDI well before the timeframe he has admittedly publicly. This suspicion comes as the result of numerous interviews with witnesses and suspects, along with raids on 28 houses and offices this week. "Sufficient indications have resulted from the investigation, particularly the questioning of witnesses and suspects as well as the analysis of seized data, that the accused (Winterkorn) may have known about the manipulating software and its effects sooner than he has said publicly," prosecutors said in a statement. At a hearing last week in Berlin, Winterkorn declined to say when he first learned about the cheat, citing the investigation being done by prosecutors. "For now, Dr. Winterkorn is sticking with the statement he made before a German parliamentary committee of inquiry (into the scandal) on Jan. 19," said Felix Doerr, a lawyer representing Winterkorn in an email to Reuters. Prosecutors also revealed that the number of people possibly involved in the scandal has risen from 21 to 37, including Winterkorn. Source: Reuters View full article
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William Maley Staff Writer - CheersandGears.com July 30, 2013 In India, General Motors hasn't issued a recall since 1995. That trend ended this past week as GM announced the recall of 114,000 Chevrolet Tavera utility vehicles built from 2005 to 2013 and are equipped with the 2.5L and 2.0L engines. The reason? According to India's Economic Times via Automotive News, GM employees deliberately fudged emission inspections to meet the standards. "Over a period of time some employees of the company engaged in the practice of identifying engines with lower emission which were fine-tuned and kept aside to be used for installation on vehicles during inspection," said GM in a letter sent to Indian regulators on July 18th. GM also admits that the reported weight of certain models were "manipulated" to meet lest stringent emission standards. Now GM has halted the sales of Tavera 2.5L and 2.0L and says they and that the company "has since identified a solution to the issues and performed the required engineering validation, and is awaiting regulatory approvals." GM also fired a number of employees at GM Powertrain this week. Sources at the company say one of the employees fired is Sam Winegarden, GM's vice president for global engine engineering. Winegarden joined the company in 1969. He is known for overseeing oversaw the Northstar V8 and premium V6 engine programs and became the VP of global engine engineering in 2004. Source: Automotive News (Subscription Required), The Economic Times of India William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article
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William Maley Staff Writer - CheersandGears.com July 30, 2013 In India, General Motors hasn't issued a recall since 1995. That trend ended this past week as GM announced the recall of 114,000 Chevrolet Tavera utility vehicles built from 2005 to 2013 and are equipped with the 2.5L and 2.0L engines. The reason? According to India's Economic Times via Automotive News, GM employees deliberately fudged emission inspections to meet the standards. "Over a period of time some employees of the company engaged in the practice of identifying engines with lower emission which were fine-tuned and kept aside to be used for installation on vehicles during inspection," said GM in a letter sent to Indian regulators on July 18th. GM also admits that the reported weight of certain models were "manipulated" to meet lest stringent emission standards. Now GM has halted the sales of Tavera 2.5L and 2.0L and says they and that the company "has since identified a solution to the issues and performed the required engineering validation, and is awaiting regulatory approvals." GM also fired a number of employees at GM Powertrain this week. Sources at the company say one of the employees fired is Sam Winegarden, GM's vice president for global engine engineering. Winegarden joined the company in 1969. He is known for overseeing oversaw the Northstar V8 and premium V6 engine programs and became the VP of global engine engineering in 2004. Source: Automotive News (Subscription Required), The Economic Times of India William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
