The General Assembly would be a cauldron that was clear to everyone at Volkswagen. But one should conduct, draw length, make them manageable. All eyes would be directed on Wednesday to supervisory board chairman Hans Dieter Pötsch
The signs were very bad – already late last week: Only the shareholders meeting was postponed, then always new details on diesel gate came to light, but the official report to educate the exhaust affair it should suddenly cease to exist this year
the few days ago by CEO Matthias Müller strategy presented in 2025, the last should direct their attention to the future and not on the past fraudulent again, fell through at the stock exchanges. And recently, the US authorities postponed the planned for last week comparison – the summit meeting now takes place a week later
But all that would Pötsch dominate. can wegmoderieren: The board should be relieved. Sure, a few angry shareholders would make for great attention, but when it comes to the vote, is at VW now times everything clear: the Piëch and Porsche families make up the majority, the State of Lower Saxony and the Emirate of Qatar would also make no resistance .
But now Pötsch is suddenly not only as chairman in focus. On Monday, prosecutors had announced that it is investigating ex-CEO Martin Winterkorn and another board for intentional market manipulation.
But the mysterious second accused, the made the investigators also clearly is not the chairman of the board. The name Pötsch not called the authority. Pötsch, the Phantom, on the one speaks verklausuliert in Wolfsburg and Braunschweig only.
Diess targeted by prosecutors
Quick word got around that instead of the VW brand chief Herbert Diess is targeted by the prosecutors. You could almost hear breathe the leadership in Wolfsburg: after all, not Pötsch. Here, the current chairman of the board would actually have been the obvious suspect, he had during his time as CFO but the Ad-hoc reports to answer about important events to investors.
and the message via the exhaust manipulations came now time until 22 September 2015. Much too late, say now not only investors, but also the German Federal Financial Supervisory Authority (BaFin). She had a complaint and the investigation thus set in motion.
But the sigh in Wolfsburg took less than 24 hours. Because louder the question was asked why it should not even be an initial suspicion against Pötsch unlike Winterkorn and Diess.
then blurted On Tuesday noon the next bomb: the BaFin had not only complaint Winterkorn and Diess display, it said in the context of the authority. Instead, they had reported the entire former VW board investigators as suspected Marktmanipulateure -. Including Pötsch and today’s CEO Müller
The public prosecutor had been always all options kept open. Although the Authority had indicated that the now initiated process is due to the display of the BaFin. Against whom had directed the ad, was allowed but openly aware.
“The fact that we have entered two accused is, not necessarily that has directed the complaint to the BaFin specifically against these two persons, “said spokesman Klaus Drag the” world “. Against whom is investigating, depends not only on display, but by their own findings of prosecutors. The number of defendants could be subject to change if there had been complaints against Pötsch, he could not answer.
owner families whistle on good corporate governance
that Pötsch is not yet a suspect, VW saves at least the general meeting. A chairman, who manages the shareholder meeting, in which voted on the approval of the Board, is investigating the same time the prosecutor? Difficult to imagine. That not there was no risk to heave Pötsch to the post of chief inspector, all parties was clear.
However, the main focus is to reflect a familiar man as supervisory board chief , one who knows the company well. Therefore, we sat down on all recommendations for good corporate governance across that actually provide for a cooling-off period of two years for former board members prior to joining the supervisory body.
Now threatens this maneuver properly to backfire. Although the prosecution this assessment – at least so far – does not share: The BaFin has come to the conclusion that even Pötsch has acted wrongly, that he should have ensured that investors experienced earlier from the imminent Diesel gate for
<. h2 class = "prefix_1"> VW tried Pötsch and Müller rauszuhalten
where you had given at VW every effort, at least the new chief Müller and Pötsch out of it as far as it went somehow stay out. In its reply to the claim for compensation of investors, the almost comic dimensions adopted. In the 111-page document, there is the “world”, it is, one would point out that “the Volkswagen Board in general and the responsible for the performance of ad hoc disclosure obligations Volkswagen board member in particular on the compliance -Verstoß and its economic consequences even in grossly negligent manner in ignorance were “ p id =>. “we call the name, but we still clearly : Pötsch has no knowledge of the illegal exhaust manipulation, has no idea that massive financial consequences they may have, and he was not to blame, that he does all unaware. For other one was there less restrained: Winterkorn called more than a dozen times by name, the name Diess be found in the document Whether Pötsch and. VW lawyers are through with their argument, is always questionable. The BaFin does not believe them at least. Everything revolves around the question of who, when aware of the fraudulent exhaust Software -. But who had to point know that there is a very expensive affair in Volkswagen zurollt changes in the estimates of BaFin and the public prosecutor apparently separate at this point. While the Authority assumes that for all board members much earlier than September 22, must have been clear that billions of penalties will see the investigators only Winterkorn and Diess a corresponding initial suspicion. But why these two? Apparently sees the prosecutor July 27, 2015 for a key date: On this day one of the so-called “harm tables” took place. Here employees had to line up to repeat, if there were technical problems with the cars of VW. On this day it was also about the manipulation software which recognizes the Group in its reply. And he called the names of directors who were there: There are “under a small round table with the involvement of men Professor Dr. Winterkorn and Dr. Herbert Diess approached by VW employees the background of the Diesel theme” been. Details one can not reconstruct though. But: “. At this meeting, individual VW employees shared but possibly the first time that the diesel issue a software change for influencing the exhaust gas behavior is based on the test” This admission and the insights that have been gained from the interviews with the staff and other witnesses, the authorities should now have led to the process. Prosecutors apparently assumes that by the scope of Diesel gate for these two boards must have been clear to the meeting. What Bafin Moors that the rest of the leadership was informed, the authority does not answer. Pötsch insists only by the release of the US Environmental Protection Agency on September 18, just a few days before the Ad hoc announcement, having learned from the exhaust manipulations and the impending consequences. CEO Matthias Müller argued the same. Nevertheless, the judgment of the BaFin and the investigation started new, good arguments for investors who seek damages from VW, because they have lost a lot of money at the price drop after the announcement of diesel gate. to the already billion-dollar debts came on Tuesday added further complaints. One of the largest US pension funds for teachers in California now attracts also before the Landgericht Braunschweig. The fund suffered from the delay in communication losses in tens and even hundreds of millions. It is expected that a huge wave of other, similar lawsuits. Many investors and small shareholders are also already announced that on Wednesday against the discharge of the Executive and Supervisory Board be right. lead The vote is calculated Hans Dieter Pötsch. It will be very difficult, the wegzumoderieren. BaFin and prosecutors disagree
US pension funds now sued VW
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