Report – VW investigation closing in on 10 to 20 people in dieselgate scandal

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According to a source that ahs knowledge of the proceeds and talked to Reuters under condition of anonymity, VW AG’s internal probe surrounding its diesel emissions cheating considers around 20 people to have been involved. According to the person who declined to be named due to the sensitivity of the subject, more than ten senior executives have already been suspended during the internal review at the German automaker, with other sources already delivering the names of six of the suspended top managers, which include three brand managers. “The number of people responsible will not be confined to a handful,” the latest source added. “This should be a two-digit number in the range of between 10 and 20.” Last month Europe’s largest carmaker and the second biggest automaker in the world has admitted to rigging diesel engine emission tests in the US, also acknowledging that up to 11 million autos had been fitted with illegal software since 2009 and sold around the world. The crisis is the biggest in the company’s 78-year history and so far has washed away around a quarter of the group’s market value. Meanwhile, while under sworn testimony in front of US lawmakers during a Congressional hearing, VW’s US boss, Michael Horn was criticized for commenting that only “a couple of software engineers” were responsible in his opinion. How many people were involved and at what management levels is crucial for the company’s investors because it might affect the penalties incurred from regulators around the world and the extent of management reshape. Via Reuters