Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

German court opens criminal proceedings against former VW CEO

Published 24/09/2020, 12:13
Updated 24/09/2020, 13:15
© Reuters. FILE PHOTO: Former Volkswagen CEO Winterkorn arrives to testify at parliamentary committee on the carmaker's emissions scandal in Berlin

© Reuters. FILE PHOTO: Former Volkswagen CEO Winterkorn arrives to testify at parliamentary committee on the carmaker's emissions scandal in Berlin

FRANKFURT (Reuters) - A court in Braunschweig, Germany, said on Thursday it had opened proceedings against former Volkswagen (DE:VOWG_p) CEO Martin Winterkorn, examining whether he is guilty of market manipulation as part of the carmaker's emissions scandal.

Winterkorn and other Volkswagen executives face charges for their role in allowing diesel cars with excessive pollution levels to hit the road, and for allegedly failing to inform investors adequately about the extent of the emissions fraud.

The carmaker has paid out more than 30 billion euros ($35 billion) in fines and penalties for cheating emissions tests, which was uncovered by U.S. authorities in September 2015.

The court is examining whether Volkswagen had a duty to inform investors earlier about the size of potential fines. Volkswagen has said the level of the fines was not foreseeable.

On Thursday, a spokesman for the carmaker reiterated the company had fulfilled all disclosure requirements related to the diesel scandal.

Felix Doerr, a lawyer for Winterkorn, said his client rejects the allegations that he failed in his duty to inform markets in a timely fashion.

© Reuters. FILE PHOTO: Former Volkswagen CEO Winterkorn leaves after testifying to a parliamentary committee on the carmaker's emissions scandal in Berlin

($1 = 0.8594 euros)

Latest comments

I think Investment.com boys love Germany so much and therefore you will have to relocate to Germany but your special attachment tpVW - I will have to see what could be done for ypu on this matter - it was only 1 momth ago you reported tje Germans had dropped VW case is exchange to cash payments of penalties but you keep misguiding your readers all tje time that tjey cam never have an intelligent discussions with the world put there simce your news are either fake or outdated or misguidimg or very little truth - your podcast is with time becoming very useless due to your love for Germany the great country - just relocate tjen you will increase intelligence
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.