Porsche SE to back endorsement of VW's former management at AGM

"What's done can not be undone", Mueller said Wednesday in a speech prepared for the first shareholder meeting since the scandal erupted in September.

German prosecutors are investigating whether former Volkswagen Group CEO Martin Winterkorn violated securities laws in connection with the automaker's emissions scandal. Last year, the company set aside roughly $17 billion to pay for a global recall of 11 million vehicles with tainted diesel engines and other costs, including a settlement for US auto owners.

Prosecutors have launched an investigation against former Chief Executive Martin Winterkorn and another senior manager who are suspected of possibly having manipulated the market.

The office, which is also in charge of other investigations regarding VW, has said that the firm could have warned of possible financial losses relating to the scandal earlier than it did.

The prosecutor's office in Braunschweig said in a statement on Monday the new probe centered on "sufficient real signs" that Volkswagen's (VW) duty to disclose the possible financial damage of its manipulations may have arisen prior to September 22, 2015 when the carmaker publicly admitted to its wrongdoings.

Winterkorn, who stepped down from his post as the CEO, is being probed after the request from the country's financial regulator Bundesanstalt für Finanzdienstleistungsaufsicht's (BaFin).

This is according to a person familiar with the legal proceedings.

They hold just 11 per cent of the voting rights in VW, while the founding families Porsche and Piech hold 52 per cent, the regional state of Lower Saxony 20 per cent and the Emirate of Qatar 17 per cent. Recently, the company had laid out its plan to improve its profits after breakout of its emission scandal, which badly affected its margins. Volkswagen's supervisory board was split over the recommendation, Frankfurter Allgemeine Zeitung reported, citing unnamed company sources. Then on Tuesday, a massive class-action was filed against the business by investors claiming they had lost out because of the scandal.

VOLKSWAGEN has finally pinned a number on what the Dieselgate scandal has cost it over the last 12 months, writing off a A$25 billion black hole in its accounts to the scandal.

"We had hoped to invest in a world market leader but invested in a world costs leader", said Alexander Scholl, a representative for Deka Investment who speed-read his statement after Poetsch limited speaking time for each shareholder to 5 minutes.

'The breadth of the shareholder base that is represented by Quinn Emanuel should be a wake-up call to Volkswagen AG that it needs to engage with shareholders now, resolve matters, and concentrate on regaining its market share'.

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