EU Anti-Fraud Office Send VW Probe Findings to German Prosecutors

Whatapp News



Brussels –   The European anti-fraud office investigating whether Volkswagen used EU funds and European Investment Bank (EIB) loans to develop devices that cheated emission tests has sent its judicial recommendations to German prosecutors.

VW was plunged into the biggest business crisis in its 80-year history when the cheating scandal was exposed in September 2015.

It has cost the company more than 25 billion dollars in fines, compensation and vehicle refits.

European anti-fraud office, OLAF, said it had investigated whether there was any link between funds VW received and the production ofengines or devices that could be used to manipulate emission tests.

Volkswagen has denied misusing the funds and said they were used for their designated purpose.

“OLAF sent its final report and a judicial recommendation to the German national authorities, namely the public prosecutor’s office in Braunschweig, Germany, as well as an administrative recommendationto the European Investment Bank,” OLAF said.

It added it had recommended the EIB review the implementation of its anti-fraud policies.

The bank said it would study OLAF’s findings and decide on how to proceed.

It added it was also reviewing its relationship with VW and was not considering any new loans to the company for the time being.

“We cannot exclude that one loan of 400 million euros (472.6 million dollars)

In May 2016 it announced that VW had repaid two 975-million-euro loans ahead of schedule. (Reuters/NAN)

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