Automobile

Continental Airlines’ fired chief financial officer is under criminal investigation for diesel gate

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Continental’s former CFO Wolfgang Schaefer (Wolfgang Schaefer) and two other former executives are among the 61 suspects that German prosecutors have been investigating the company’s role in the diesel scandal. His contract It ended abruptly this week.

Oliver Eisenhauer, a spokesperson for the Hanover prosecution, confirmed that the investigations into Schaefer and former board members Elmar Degenhart and Jose Avila have It has been turned into a criminal case on the grounds of alleged assistance in fraud and breach of trust. report.

Continental Airlines did not immediately respond to calls seeking comment. Bloomberg could not reach the three former executives.

The focus of the overall investigation is the role played by the German auto parts supplier in the diesel cheating scandal, which continues to plague the automaker Volkswagen. Previously, these three executives and two other senior executives were investigated only for failing to properly supervise employees, which was only an administrative violation. Eisenhauer said the investigation may now also result in the company imposing financial sanctions on it by seizing potential illegal profits.

Last week, Continental conducted a new round of raids in Frankfurt’s compliance department and the home of a former employee of the department. According to Eisenhauer, the prosecutor also seized documents from a law firm conducting internal investigations, which may have serious flaws.

In recent years, German prosecutors have repeatedly raided Continental’s offices, after the Hanover-based manufacturer was accused of helping Volkswagen cheat in emissions tests. Continental provides technology for Volkswagen’s 1.6-liter diesel engine used in European cars. At the heart of the Volkswagen scandal, the engine control software for the 2.0-liter main engine (also used in the US) came from Continental’s competitor Robert Bosch Ltd.

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