In principle, the PSE has an obligation to publish information about events in its main investment in Volkswagen, the Higher Regional Court explained. It also had to be clarified whether the knowledge of the VW board also had to be known to the management of PSE.
The background is the peculiarity that some top managers traditionally have dual functions at Volkswagen and its largest shareholder PSE. At the time of the diesel scandal, former VW boss Martin Winterkorn was also CEO of Porsche SE. In the opinion of the Higher Regional Court, the knowledge of PSE did not have to be attributed because Volkswagen had a duty of confidentiality for the members of the Board of Management. It can therefore remain open whether the circumstances surrounding the uncovering of the diesel scandal in 2014 and 2015 constituted insider information.