In the emissions scandal surrounding manipulated diesel engines (Dieselgate, note) at Volkswagen, former CEO Martin Winterkorn has to appear in court again. The Braunschweig Regional Court has now reopened proceedings on suspicion of market manipulation.
In the indictment filed by the Braunschweig Public Prosecutor’s Office in September 2019, the suspect is accused of failing to inform the capital market in a timely manner about the installation of an impermissible defeat device in diesel engines.
The procedure was temporarily stopped two years ago
At the beginning of January 2021, the proceedings against Winterkorn were temporarily stopped. At the request of the public prosecutor, the case has now been reopened, the court announced on Thursday.
So far, Winterkorn has only had to pay 11.2 million euros from his private assets to Volkswagen. He had agreed this in a liability settlement with his former employer. However, that sounds more than it actually is.
Despite the scandal, Winterkorn is entitled to almost four million euros in bonuses and special rewards – for 2016, the year after the diesel scandal came to light. In addition, he is entitled to a total of 28.5 million euros in company pension (according to the 2015 annual report).
Dieselgate has so far cost VW 32 billion euros
Eight years ago, Volkswagen admitted under pressure from the US Environmental Protection Agency (EPA) that it had manipulated diesel emission values using software. This ensured that the engines met the nitrogen oxide limits on the test bench, but emitted many times more of these harmful exhaust gases on the road.
The reparations have so far cost Volkswagen more than 32 billion euros, mainly in fines and damages in the US.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
