The entire former board of Volkswagen should be investigated by prosecutors over the time it took to disclose the firm's emissions test cheating, Germany's financial watchdog BaFin has told the prosecutors' offce in Brunswick, Germany.
As the fallout from the emissions scandal continues, this latest report from Reuters comes as another blow for the company; current Volkswagen chairman Hans Dieter Poetsch and CEO Matthias Mueller were both members of the management board at the time when the scandal broke, as finance chief and head of the Porsche brand respectively.
Earlier in the week, multiple reports in the German media said that current Volkswagen boss Herbert Diess was under investigation by German authorities on suspicion of market manipulation in the company's emissions scandal.
That followed confirmation in a press release from the prosecutors' office that former Volkswagen Group CEO Martin Winterkorn was being probed on the matter.
The office, which is also in charge of other investigations regarding VW, has said that the firm could have warned of possible financial losses relating to the scandal earlier than it did.
Volkswagen publicly admitted on 22 September 2015 that it had installed software in diesel vehicles that evaded emissions testing in order to meet fuel economy claims. However, these latest findings suggest that internal documents reveal Winterkorn had known about it for more than a year prior to this date.
The investigation is a result of a complaint by Germany’s financial regulator BaFin, the office said.
It added that Winterkorn faces a penalty of up to five years in prison or a fine if charged.