"Ferdinand Piech will sell most of his shares to other members of the Porsche-Piech family" which controls VW parent company Porsche SE (PSE), a spokesman for the holding company told AFP. The spokesman refused to say exactly how much of his stake Piech will sell or to which other family members. Monday's sale is still subject to approval from financial regulators and competition authorities in several countries, the holding firm clarified in a statement. German media reported that he had told prosecutors VW bosses knew about emissions cheating earlier than they admitted. Piech led VW from 1993 to 2002, before becoming head of the supervisory board until 2015.

Source: The Local April 04, 2017 06:45 UTC