| Author (Person) | Rocha, Frederico |
|---|---|
| Publication Date | 07/11/2017 |
| Content Type | News |
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Further information: The EIB President Werner Hoyer announced on 14 January 2016 the institution had decided to hold any new loans to Wolkswagen, following the suspicion that a €400 million loan it had given to the company in 2009 was connected to the faulty emissions tests devices. It was later reported in August 2017 that the EU's OLAF had concluded its report on potential fraud regarding the loans and sent the findings to national prosecutors in Germany. Background information: This investigation was launched following reports in September 2015 that German carmaker Volkswagen had been using devices developed to provide misguiding results in tests relating to the emission of pollutants by its cars. The EU's Anti-Fraud Office (OLAF) launched its investigation in December 2015 on potential misappropriated of funds awarded for research and development (R&D) purposes. Reports on the alleged use of loans from the European Investment Bank (EIB) by Wolkswagen to develop faulty emissions tests devices and subsequent report from the European Union's Anti-Fraud Office (OLAF). |
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| Subject Categories | Business and Industry, Politics and International Relations |
| Countries / Regions | Europe |
