Ex-VW CEO Winterkorn charged in Germany over Diesel rigging | Fin24
 
  • Credit Rating

    'I think Moody's will be happy' - President Ramaphosa says plan to deal with Eskom's debt is imminent.

  • 'No Basis in Fact'

    The PIC commission has slammed Iqbal Survé’s claims about Minister Pravin Gordhan.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Ex-VW CEO Winterkorn charged in Germany over Diesel rigging

Apr 15 2019 16:35
Karin Matussek, Bloomberg

Former Volkswagen CEO Martin Winterkorn was charged alongside four other managers in Germany for their role in the diesel-rigging scandal.

Winterkorn and other suspects are accused of serious fraud by Braunschweig prosecutors, who allege he knew since 2014 about the illegal use of software to cheat emissions tests.

The prosecutors commented Monday in an emailed statement.

They are the first criminal charges in Germany.

The 71-year-old was indicted by American authorities in 2017. Allegations that VW wrongfully withheld information about the emission software used in its diesel cars have loomed over the company since the scandal first broke in 2015.

The crisis involved as many as 11 million diesel cars worldwide and has cost the Wolfsburg-based company about 28 billion euros ($32 billion) so far.

Winterkorn’s lawyer Felix Doerr said he couldn’t immediately comment. The other four suspects weren’t identified.

Prosecutors allege that Winterkorn condoned a “useless” update of the vehicles’ computer software in November 2014 to help veil the scam.

The shares of VW rose 0.5%, to 157.25 euros at 13:17  in Germany.

Shares have risen 18% so far this year.

vw
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...