Thursday, March 10, 2016

Exhaust scandal: VW CEO in the US are on Official – Berliner Morgenpost

From David Shepardson

US Justice extends the investigation from

Wolfsburg / New York. The crisis-hit carmaker VW loses its US boss in the middle of exhaust scandal. CEO Michael Horn (54) leaving the company by mutual agreement with Volkswagen AG with immediate effect, the US subsidiary Volkswagen Group of America said on Wednesday. Hinrich Woebcken (55), who recently is responsible for the North American region for Volkswagen already in a leading position, accept Horns activities initially on a transitional basis, according to the release. Horn had taken the top job in January, 2014.

Volkswagen is increasingly threatening legal trouble: The US Justice Department wide his investigation and then go to even the suspicion of bank fraud, said a person familiar with the operations person told Reuters. The “Wall Street Journal” also reported in this context it go also to possible violations of tax laws. Analysts now expect additional financial penalties for VW. Volkswagen did not comment on Wednesday to. A spokesman reiterated that they would continue to cooperate in the investigation with all relevant US authorities.

The 1989 designed for investigations against major financial institutions US law against bank fraud allows a subject to certain conditions suspected in the period of the last decade to investigate. It has been applied among others in cases around auto loan provider. According to “Wall Street Journal” determines the US Department of Justice whether lenders were harmed in the financing of vehicles with manipulated exhaust values.

VW is already faced in the United States for violations of environmental laws with high penalties. Experts estimate that the gas scandal, including compensation payments VW could cost more than 30 billion euros at the end.

In the US, more than 500 class actions have already been received. An increasing number of car owners in Europe close apparently in a planned collection process. The number has risen since January by around 60,000 to about 80,000, said lawyer Julius Reiter, organized the firm the action against VW in Germany. Most applicants are Austrian car owners. Reiter emphasized: “We seek a court settlement with VW.” More and more professional investors in Germany bring against the carmaker in position. Take VW claims to have informed of the widespread manipulation too late.

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