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German prosecutors indict top VW bosses over emissions scandal
Source: Reuters
BUSINESS NEWS SEPTEMBER 24, 2019 / 6:15 AM / UPDATED AN HOUR AGO
German prosecutors indict top VW bosses over emissions scandal
Ludwig Burger
3 MIN READ
FRANKFURT (Reuters) - German prosecutors are pressing criminal charges against the CEO, chairman, and a former CEO of Volkswagen (VOWG_p.DE), saying they intentionally delayed telling investors about the carmaker’s cheating of U.S diesel emissions tests.
Prosecutors in the city of Braunschweig said on Tuesday they aimed to charge Volkswagen Chief Executive CEO Herbert Diess, Chairman Hans Dieter Poetsch and former CEO Martin Winterkorn with stock market manipulation.
Four years after the German company admitted using illegal software to cheat U.S. diesel engine tests, the charges show it is still struggling to move on from a scandal which has cost it more than $30 billion in vehicle refits, fines and provisions.
Court proceedings are underway over that admission from September 2015. The indictment from the prosecutors in Braunschweig - in Volkswagen’s home region of Lower Saxony - is part of a separate legal push to try managers over allegations they delayed disclosing the scandal to investors.
-snip-
German prosecutors indict top VW bosses over emissions scandal
Ludwig Burger
3 MIN READ
FRANKFURT (Reuters) - German prosecutors are pressing criminal charges against the CEO, chairman, and a former CEO of Volkswagen (VOWG_p.DE), saying they intentionally delayed telling investors about the carmaker’s cheating of U.S diesel emissions tests.
Prosecutors in the city of Braunschweig said on Tuesday they aimed to charge Volkswagen Chief Executive CEO Herbert Diess, Chairman Hans Dieter Poetsch and former CEO Martin Winterkorn with stock market manipulation.
Four years after the German company admitted using illegal software to cheat U.S. diesel engine tests, the charges show it is still struggling to move on from a scandal which has cost it more than $30 billion in vehicle refits, fines and provisions.
Court proceedings are underway over that admission from September 2015. The indictment from the prosecutors in Braunschweig - in Volkswagen’s home region of Lower Saxony - is part of a separate legal push to try managers over allegations they delayed disclosing the scandal to investors.
-snip-
Read more: https://www.reuters.com/article/us-volkswagen-emissions-trial/german-prosecutors-indict-top-vw-bosses-over-emissions-scandal-idUSKBN1W914P