Germany Federal Financial Supervisory Authority and Hans Dieter Poetsch

Matthias Diekman: They opened the investigation at the behest of Germany Federal Financial Supervisory Authority, the country financial watchdog, according to The Toronto Star. The news release said that the second employee was not the current board of directors' chairman, Hans Dieter Poetsch. The Braunschweig prosecutor spokesman, Matthias Diekman, said in a statement Monday that Winterkorn and one other employee are being investigated on allegations they did not release information about the manipulation in a timely manner. Poetsch was chief financial officer under Winterkorn but has since left that post. Prosecutors said that Volkswagen only made that notification on Sept. 22, and that there was evidence that the disclosure obligation should have been fulfilled earlier. German stock market law requires publicly traded companies to alert investors as soon as they have unforeseen developments that could affect a decision to buy or sell the stock. (news.financializer.com). As reported in the news.