The European Investment Bank said on Tuesday it suspected Volkswagen may have fraudulently secured a loan of €400 million to develop technology used to cheat EU emissions tests. He added that the Luxembourg-based EIB had suspended business ties with VW and is not considering any new loans to the automaker. "We still cannot exclude that one of our loans, the €400 million ($472 million) loan 'Volkswagen Antrieb RDI,' was linked to emission control technologies developed at the time the defeat software was designed and used," Hoyer said. Since 1990, VW's worldwide operations have received around €5 billion in loans from EIB, with €4.5 billion in Europe, EIB said. Following the scandal, the European Commission, the executive of the 28-nation EU, is getting more powers to monitor testing and fine automakers.

Source: The Local August 02, 2017 06:45 UTC