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This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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EU bank suspects VW took out loan of €400m (£357m) to create cheat device

The European Investment Bank said on Tuesday it suspected Volkswagen may have fraudulently secured a loan of €400 million (£357m) to develop technology used to cheat EU emissions tests.

EIB chief President Werner Hoyer said the bank was reviewing the conclusions of a probe by the EU’s anti-fraud office OLAF into whether the German automaker used the loan to make the “defeat device” in the so-called dieselgate scandal.

He added that the Luxembourg-based EIB had suspended business ties with VW and is not considering any new loans to the automaker.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.