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EU anti-fraud office sends VW probe findings to German prosecutors

EU ANTI-FRAUD OFFICE SENDS VW PROBE FINDINGS TO GERMAN PROSECUTORS

The European Anti-Fraud Office (OLAF) confirmed Tuesday that it has submitted its findings from an investigation into the possible misuse of EU funds by German carmaker Volkswagen to prosecutors in the German city of Braunschweig.

In September 2015, VW admitted to installing emissions-cheating software in its vehicles. Europe's largest carmaker is believed to have installed cheating software in the engines of 11 million diesel-fuelled cars worldwide.

OLAF has been investigating whether loans from the European Investment Bank (EIB) were linked to the production of engines or devices implicated in the manipulation of diesel emissions levels in VW vehicles.

The anti-fraud office said that its final report and a judicial recommendation have been sent to the public prosecutor's office in Braunschweig, while an administrative recommendation had been made to the bank.

It recommended that the EIB take active steps in implementing its anti-fraud policy, as well as the policy on preventing and deterring prohibited conduct in EIB activities, OLAF told dpa.

The bank said in a statement that it had not yet concluded its own investigation into whether an EIB loan worth 400 million euros (472 million dollars) were linked to the development of the fraudulent software.

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