DVolkswagen’s diesel scandal now also claims its victims at the car supplier mainland From Hannover. After a special meeting of the Supervisory Board on Wednesday night, the group unexpectedly separated from Chief Financial Officer Wolfgang Schäfer, with immediate effect. The Hannover Prosecutor’s Office has been investigating former CEOs Elmar Degenhart, Schäfer and former board members of the Powertrain Division. Since then it has split from Conte to enlarge.
A spokesperson for the investigative agency said on Thursday that these allegations helped and abetted fraud and breaches of trust, as well as deliberate violations of supervisory duties. Investigations into two senior executives below the board of directors are also ongoing. The group’s stock is the biggest loser in Dax, falling more than 4%.
The investigation by the prosecutor’s office-as they put it-“friendly termination” of the work of the CFO Schäfer is related to Continental’s possible involvement in Volkswagen’s exhaust gas treatment, which caught Hannover at its worst. “This news is another thunder!” said a statement from the group work committee. Everyone in Continental has already felt the painful development: “layoffs. Short-term work. Chip crisis”, coupled with the reorganization of the automotive department and the spin-off of the original powertrain drive department, changed its name to Vitesco. “Employees are turning faster and faster now.” “Suddenly there are too many—too many,” he criticized Public Works Committee.
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Office search
Upon request, Continental did not comment on the ongoing investigation by the prosecutor. Schäfer’s resignation is related to the well-known investigation by the Public Prosecutor’s Office on the use of illegally failed devices in diesel engines and the flaws in the investigation by Continental. As heard in the company, they did not pursue with the necessary consistency. Schäfer was also responsible for the legal and corporate governance departments, and ultimately had to take responsibility for this when he left.
Regarding Volkswagen’s diesel emissions scandal, the prosecutor’s office has been searching in Kandy’s office for a long time and seized a lot of materials. A spokesperson for the Office of the Public Prosecutor said: “As part of the evaluation of previously confiscated documents, we repeatedly found clues and new discoveries.”
Cooperation with prosecutors
The previous investigation involved whether employees were guilty of assisting and instigating fraud and indirect false certification between 2006 and 2015. Conti helped develop the software for the 1.6-liter diesel engine that Volkswagen plans to sell in Europe. The supplier argued that this type of motor control was programmed by the customer according to their own needs, and he was not involved in the operation.
The internal allegation against Schäfer is that the internal investigation was not conducted with the necessary severity and thoroughness. Wolfgang Reitzle, Chairman of the Supervisory Board, said: “We are consistently addressing current issues in a comprehensive manner and are fully cooperating with Hanover prosecutors.” “According to our zero-tolerance philosophy, we will investigate every one Doubt.” Continental CEO Nikolai Setzer (Nikolai Setzer) will initially serve on the board of directors as chief financial officer. The compliance and legal responsibilities shared by Schäfer shall remain permanently within the scope of the CEO’s responsibilities. Before deciding on a successor, Katja Dürrfeld, head of finance, control and IT at ContiTech, will temporarily take over the management of these areas under the board of directors and report to Setzer in this position.
