Category : Boston News
In an ongoing fraud investigation, Rupert Stadler, who had been the CEO of Audi parent company Volkswagen since 1990, had been arrested following charges against him. The charges are that he had influenced the witnesses. The statement was released by Munich prosecutors. He was detained in connection with the expensive diesel emission scandal and he is the highest-ranking official in Volkswagen.
The investigation has been launched by the prosecutors and at least 20 current or former employees of the company have been questioned. The case is in connection to the suspected diesel emission cheating in 240,000 cars sold in the USA and Europe. Volkswagen spokesperson is Nicolai Laude who has confirmed the arrest of Stadler but refused to comment any further regarding the investigation. It was revealed that the company’s supervisory board would discuss the matter in detail.
Following the arrest, the shares of Volkswagen has witnessed a drop by 30% in Frankfurt. The scandal has already incurred a cost of $30 billion in legal penalties, settlements, and recalls. Stadler had joined the Management Board in 2010 and his house was also searched in connection to the case. However, he is likely to get released in the following week if he cooperates in the investigation.
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