INGOLSTADT, Germany German prosecutors searched Audi's two biggest plants and several other sites on Wednesday in connection with an emissions cheating scandal, adding to pressure on Volkswagen's (VOWG_p. DE) luxury division and its Chief Executive Rupert Stadler. Audi's supervisory board last month expressed its support for Stadler, who has run the division since 2007, despite criticism of his handling of the scandal. Munich prosecutors said their investigation was in connection with the sale of around 80,000 Audi diesel vehicles in the United States between 2009 and 2015 on suspicion that they were fitted with devices to cheat on emissions tests. Sales in European markets are not part of the investigation, the prosecutor's office said in a statement.
According to Audi, officials started searches of its offices in Ingolstadt and Neckarsulm, where the carmaker employs about a combined 60,000 people, around 8 a.m. local time (0600 GMT), a spokesman for Audi said. The searches at Audi's HQ in Ingolstadt are being conducted by about 70 officials, a person familiar with the matter said. Offices and apartments are being searched but not the private home of CEO Stadler, the person said.
Audi admitted in November 2015 that its 3.0 liter V6 diesel engines were fitted with emissions control devices deemed illegal in the United States. The prosecutors' searches are the first since the scandal at parent Volkswagen (VW) broke in September 2015. Ingolstadt-based Audi said it has the greatest possible interest in clearing up the manipulations and is fully cooperating with the authorities leading the searches
"The path towards clearing up
A company owned by the family of Jared Kushner, U.S. President Donald Trump's son-in-law, stands to receive over $400 million from China's Anbang Insurance Group, that is investing in a Manhattan building owned by the Kushners, Bloomberg reported. Details of the agreement are being circulated to attract additional investors, Bloomberg reported on Monday. (bloom.bg/2nm6PwG)The building, a 41-floor tower located at 666 Fifth Avenue, was purchased by Kushner Companies in 2006 for $1.8 billion, which at the time was the highest sales price for a single building in Manhattan.
The planned $4 billion transaction includes terms that some real estate experts consider unusually favorable for the Kushners, the Bloomberg report said.
"Kushner Companies is in active discussions around 666 5th Avenue, and nothing has been finalized," spokesman James Yolles told Reuters via email. Anbang could not immediately be reached for comment.
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