Volkswagen's ex-CEO pays company $14 million over his role in the diesel scandal
Source: AP
By Charles Riley,
London (CNN Business)Martin Winterkorn has agreed to pay Volkswagen nearly $14 million after an investigation found the former CEO failed to respond properly to signs that the company may have been using illegal diesel engine technology.
He also failed to ensure that questions from US authorities about the German carmaker's 2015 emissions scandal were answered "truthfully, completely and without delay," the company said Wednesday.
The settlement with Volkswagen was announced as German prosecutors charged Winterkorn with giving false testimony to a 2017 parliamentary inquiry. He said he was first informed that some diesel Volkswagen cars had been equipped with software that could be used to cheat on emissions tests in September 2015. But according to prosecutors, he had known since May 2015.
Volkswagen (VLKAF) said in a statement that it decided earlier this year to seek compensation from Winterkorn and former Audi CEO Rupert Stadler following an investigation conducted by law firm Gleiss Lutz that was "by far the most comprehensive and complex investigation carried out in a company in German economic history."
Read more: https://www.cnn.com/2021/06/09/business/volkswagen-martin-winterkorn-dieselgate/index.html
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