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VW internal investigation finds 'no evidence' against suspended engineers

Volkswagen is still working out the chain of events that led to emissions-evading software being installed in 11 million diesel vehicles worldwide and deciding who was responsible for the treachery. So far, the German automotive giant's internal investigation hasn't publicly named many suspects, and three suspended executive-level engineers have been found not to be culpable in the wrongdoing, according to an anonymous insider speaking to Reuters. VW knows that the software began being installed in the EA 189 engine in 2008. The internal investigation has found that the emissions-evading tech was created because the powerplant was found to fail US standards. Plus, the diesel mill wasn't meeting cost targets, according to Reuters. The automaker responded by suspending over 10 employees, but three top engineers among them might not have been involved. Those put on leave include Heinz-Jakob Neusser from VW, Ulrich Hackenberg from Audi, and Wolfgang Hatz who led Porsche's research and group-wide engine development. The internal detective work hasn't turned up any evidence against these three men. In addition to VW's own inquires, government investigators in both the US and Germany are taking a serious look into the company's actions, too. So far, the automaker is setting aside about $7.3 billion to pay to fix the vehicles with the evasive software. Depending on what authorities find, the costs could grow quickly. Beyond the financial implications, the scandal has led to a serious shakeup in VW's corporate structure. Related Video:

Volkswagen taps Porsche chief for board

Matthias Mueller was promoted to the top position at Porsche in 2010 after a successful stint of developing model lines during his 36 years with the company, mainly at Audi. Having shown the same prowess while overseeing Porsche for the past five years, German outlet Frankfurter Allgemeine Zeitung reports that Mueller will be promoted to the management board of the Volkswagen Group, according to a leaked copy of an agenda for the meeting. It's said that a new spot is being created for him, one that will put him in charge of "overseeing cooperation" among Audi, Bentley, Bugatti, Lamborghini, and Porsche. While other group executives are known to hold positions on the board and with brands, or across brands, it isn't clear yet whether Mueller will keep his spot at the CEO of Porsche after the promotion. One thing that is certain is the 61-year-old Mueller doesn't see himself in line for Volkswagen Group CEO Martin Winterkorn's job in 2016, having told FAZ this month, "It's no solution to put a 63-year-old at the head of Volkswagen." News Source: Reuters, Automotive News - sub. req.Image Credit: Geoff Robins/AFP/Getty Images Hirings/Firings/Layoffs Porsche Volkswagen Performance volkswagen group matthias mueller promotion

Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."