German prosecutors said Tuesday they have charged Volkswagen's current chief executive and chairman as well as its former CEO with market manipulation in connection with the diesel emissions scandal that erupted in 2015. CEO Herbert Diess, Chairman Hans Dieter Poetsch, and former chief Martin Winterkorn are accused of deliberately informing markets too late about the huge costs to the company that would result from the scandal, prosecutors in the city of Braunschweig said. The charges, which V
He and four others could face prison, forfeit millions of dollars.
VW, which settled with the feds and paid fines, says 'the SEC is now piling on.'
Audi's former CEO, meanwhile, remains in jail.
Scandal pits Porsche-Piech families against labor, regional interests
Volkswagen Chief Executive Herbert Diess traveled to the United States this month to testify to authorities about the carmaker's emissions scandal, German newspaper Bild reported on Tuesday.
The indictment of former Volkswagen CEO Martin Winterkorn has resulted in an interesting arrangement regarding the new CEO's freedom to travel. According to Bloomberg, U.S. authorities have
Federal prosecutors in Detroit on Thursday unsealed charges against former Volkswagen Chief Executive Martin Winterkorn, accusing him of conspiring to mislead regulators about the German automaker's diesel emissions cheating.
German prosecutors launched another investigation into whether Martin Winterkorn and an unnamed Volkswagen board member violated disclosure laws.
Volkswagen admits that Martin Winterkorn received at least two memos advising him about the diesel emissions problem well before the scandal became public.
A German report claims that Martin Winterkorn received a letter admitting to the defeat devices two weeks before the diesel emissions scandal went public. This was just the latest allegation that the automaker knew about the problem ahead of time but didn't tell the public.
Bild am Sonntag says Volkswagen executives knew about irregular CO2 readings a year ago, countering VW's claim that it only found out this November.
VW engineers admit that they cheated to lower CO2 emissions for the company's vehicles because they couldn't meet the goals set by former CEO Martin Winterkorn.
Former Volkswagen CEO Martin Winterkorn still serves as chairman of Porsche SE, Audi, Scania, and Truck & Bus GmbH. But he's expected to resign from those posts soon as well.
Though he may have resigned as CEO of the Volkswagen Group, Martin Winterkorn retains four senior positions - including head of the company's largest shareholder Porsche SE, and three of its business units.
German prosecutors are stepping back from their initial investigation into Martin Winterkorn for alleged fraud in the emissions scandal. They say there's not yet enough evidence to focus on him in the case.