Volkswagen Cuts Works Council Pay as Prosecutors Probe Overpayment -Reuters

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German car maker Volkswagen AG (VOW.XE) has cut pay and suspended bonuses of 14 works council members while prosecutors investigate allegations of earlier overpayment, Reuters reports, citing the IG Metall union.

--In May, it was disclosed that German prosecutors were investigating current and former VW executives in connection with allegations that they overpaid the council's head Bernd Osterloh, according to Reuters.

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--VW and the works council have said the payments were legal, while Chief Executive Matthias Mueller said the cuts were an effort to play it safe until the case was resolved, Reuters reports.

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December 22, 2017 09:44 ET (14:44 GMT)