Audi CEO Arrested in Diesel-Emissions Scandal

He may be released next week

Audi CEO Rupert Stadler was arrested on Monday in connection to the Volkswagen diesel-emissions scandal.

The Audi CEO was arrested in his home in Germany. The reason for his arrest is that there are concerns he could influence witnesses in the case. If Stadler works with investigators, he could be released as early as next week.

While arresting the Audi CEO, law enforcement also conduced a search of his home. The goal was to find if there was any additional evidence concerning the Volkswagen diesel-emissions scandal. The arrest and search come just a few days after Volkswagen was hit with a $1.2 billion fine in connection to the scandal. The company has now spent more than $30 billion to deal with the case.

The Volkswagen diesel-emissions scandal that saw the Audi CEO arrested first broke back in 2015. It was back then that investigators found that the company was cheating on emission tests. This included using software that could fool the tests into reporting emissions that weren’t as dangerous as they actually were, reports CNNMoney.

“VW and Audi management have been very slow to act when it appeared that leaders of the companies were implicated,” Carl Tobias, a University of Richmond law professor tracking the scandal, told USA Today. “Even now, Audi is only replacing Stadler with an ‘interim’ leader. The reputational damage continues years after the scandal broke.”

Audi isn’t commenting on the matter, expect to say that the “presumption of innocence continues to apply for Mr. Stadler.”

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/06/audi-ceo-arrested-in-diesel-emissions-scandal/.

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