German Prosecutor Drops Diesel Case Against Volkswagen's Poetsch

German investigators have closed a probe of Volkswagen AG supervisory board Chairman Hans Dieter Poetsch involving market manipulation related to the Volkswagen group's diesel scandal.

Prosecutor Melanie Rischke said on Thursday that a fine of 1.5 million euros ($1.8 million) had been paid, without being more specific.

An investigation of former Volkswagen Chief Executive Matthias Mueller, who was also a board member at holding company Porsche Automobil Holding SE at the time, was also dropped.

Mr. Poetsch serves as chief executive of the holding company, the majority shareholder of Volkswagen.

Porsche SE said it welcomed the end of the investigation and paid the fine, according to a company statement. It added that board members "did not violate their duties under capital market law in connection with the diesel issue."

The public prosecutor's office had investigated whether Porsche SE had deliberately informed investors too late about the extent of Volkswagen's diesel scandal.

Investigations into former Volkswagen CEO Martin Winterkorn continue, the prosecutor said.

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(END) Dow Jones Newswires

August 20, 2020 11:08 ET (15:08 GMT)

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