European Investment Bank suspects VW fraud in Dieselgate scandal

Peace and Freedom

AFP

© AFP/File | Volkswagen admitted in September 2015 that it installed software devices in 11 million diesel-engine cars worldwide that reduced emissions of harmful nitrogen oxides when it detected the vehicle was undergoing tests

BRUSSELS (AFP) – The European Investment Bank said Tuesday it suspected Volkswagen may have fraudulently secured a loan of 400 million euros to develop technology used to cheat EU emissions tests.

EIB chief President Werner Hoyer said the bank was reviewing the conclusions of a probe by the EU’s anti-fraud office OLAF into whether the German automaker used the loan to make the “defeat device” in the so-called Dieselgate scandal.

He added that the Luxembourg-based EIB had suspended business ties with VW and is not considering any new loans to the automaker.

“We are very disappointed at what is asserted by the OLAF investigation, namely that the EIB was misled by VW about the use of…

View original post 279 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s