China corruption watchdog investigating executives at Volkswagen JV

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China corruption watchdog investigating executives at Volkswagen JVSHANGHAI (Reuters) – China’ corruption watchdog said on Tuesday is investigating and current executive at Volkswagen AG’  venture, FAW-Volkswagen Automotive Co Ltd, for “seriously violating the law.”

The announcement, posted on website of the Central Commission for Discipline Inspection of the Communist Party of China, identified the two as deputy manager Li Wu and Zhou Chun, deputy manager of the joint venture’ Audi sales division.

at Volkswagen in China, FAW and FAW-Volkswagen could not be reached for comment. Efforts to reach Li and Zhou for comment were unsuccessful.
The statement said the investigation comes after the watchdog recently launched a special inspection at FAW Group Corp.

The joint venture with state-owned FAW is of the two -making ventures the German automaker has in China.

Volkswagen’s luxury brand Audi and other foreign brands like Daimler AG’s Mercedes-Benz and Fiat SpA’s Chrysler have been investigation in China over pricing practices as Beijing steps enforcement of its anti-monopoly laws.

Earlier this month the National and Reform Commission (NDRC), China’s price regulator, said would punish Audi and Chrysler for monopoly practices.

was not immediately clear if the two probes were related.[eap_ad_3]