Volkswagen's ex CEO investigated over emissions-rigging claims

Volkswagen's ex CEO investigated over emissions-rigging claims

German prosecutors have opened an investigation of Volkswagen's former CEO on allegations of market manipulation in connection with the company's emissions rigging scandal.

Braunschweig prosecutor's spokesman Matthias Diekman said Martin Winterkorn (pictured) and one other unidentified VW employee are being investigated on allegations they did not release information about the manipulation in a timely manner.

They opened the investigation at the behest of Germany's Federal Financial Supervisory Authority.

Mr Winterkorn stepped down as the scandal came to light, saying he was doing so "in the interests of the company even though I am not aware of any wrongdoing on my part".

Volkswagen said it had the issue reviewed by outside lawyers who found "no clear or serious violations of duty" and that the prosecutor's statement contained "no new facts or findings over possible violations" by the two executives. The company had already said in response to an investor lawsuit that it met its disclosure obligation.

The company said the review showed no reason not to recommend that shareholders vote to approve management's work for 2015 at the annual meeting on Wednesday.

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