Volkswagen troubles continue

The ongoing emissions-fraud scandal at automaker Volkswagen AG has widened, as a statement from the company on Sunday indicated that key figures at top levels of management may have been largely to blame, according to the New York Times. Hans Dieter Potsch, the chairman of the supervisory board, is suspected of having violated securities laws because he did not tell shareholders quickly enough that the company had been cheating on air-quality tests. Last year, Volkswagen was forced to pay a USD 15 billion settlement after evidence revealed that it manipulated engine software to hide very high levels of nitrogen oxide emissions. The crisis at the company continues to damage its finances as well as its reputation, according to the paper. Shares in Volkswagen dropped sharply and continue to remain relatively low. On Friday, they closed at just over USD 28 per share.