Continental headquarters in Hanover
The group is due to the possible involvement in the diesel scandal in the sights of the investigation.
(Photo: imago stock&people)
The supplier Continental has set aside a high amount of millions because of the investigation into the diesel scandal. According to the annual report for 2021 published on Monday, a provision in the high double-digit millions had been made to provide for risks and costs from the proceedings of the public prosecutor’s offices in Hanover and Frankfurt.
At the same time, the Dax group pointed out that any fines or other measures against Continental would be borne by Vitesco Technologies, which was spun off last year and to which the drive business had been transferred. For its part, Vitesco had already set aside 80 million euros for possible involvement in the manipulation of diesel engines, which weighed on the result.
In the course of the spin-off, Vitesco had undertaken to assume all liabilities that were attributable to the former Conti drive division. The public prosecutor’s office in Hanover expanded their investigations, which had been ongoing for some time, to ex-CEO Elmar Degenhart, the recalled CFO Wolfgang Schäfer and a former board member of the former Powertrain division.
The investigations in Frankfurt are about the Japanese car manufacturer Mitsubishi, which was suspected of manipulating exhaust emissions and had received engines from the PSA group.
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