info@ceoworld.biz
Friday, November 22, 2024
CEOWORLD magazine - Latest - CEO Insider - Former Volkswagen CEO Martin Winterkorn Denies Charges as ‘Dieselgate’ Trial Commences

CEO Insider

Former Volkswagen CEO Martin Winterkorn Denies Charges as ‘Dieselgate’ Trial Commences

The trial of former Volkswagen CEO Martin Winterkorn began with him denying all charges related to the “dieselgate” scandal that erupted nine years ago. His lawyer, Felix Doerr, stated that Winterkorn “rejects the accusations leveled against him” during a hearing in Braunschweig, near Volkswagen’s headquarters in Wolfsburg.

Volkswagen admitted in 2015 to installing software in millions of vehicles worldwide to manipulate emissions levels, igniting one of Germany’s most significant industrial scandals since World War II. Winterkorn faces multiple charges, including fraud related to the use of so-called defeat devices that allowed vehicles to appear less polluting in laboratory tests than they were in reality. If found guilty, he could face up to 10 years in prison.

Winterkorn, who stepped down as CEO shortly after the scandal broke, had previously evaded trial due to health reasons. Originally scheduled to face court in 2021 alongside four other VW executives, his case was postponed. Upon arriving at court, Winterkorn mentioned he was feeling “quite well” and spoke briefly to confirm his personal details, leaning on a chair for support.

Winterkorn’s health remains a concern, with reports indicating he underwent surgery in mid-June. Despite these concerns, his lawyer expressed confidence that Winterkorn could manage the proceedings, which are scheduled to include 89 hearings through September 2025. The defense team does not anticipate the trial will extend beyond this period.

The charges against Winterkorn include conspiracy to commit fraud, based on allegations that Volkswagen customers were “deceived about their vehicles’ characteristics” due to the defeat devices. This alleged fraud involves approximately nine million vehicles sold in Europe and the United States, with financial losses for buyers reaching into the hundreds of millions of dollars. However, Winterkorn is not accused of being involved throughout the entire period from 2006 to 2015, as he served as CEO from 2007 to 2015.

He also faces accusations of giving false testimony to a German parliamentary committee in 2017, claiming he only became aware of the defeat devices in September 2015, while prosecutors allege he knew earlier. Additionally, Winterkorn is charged with market manipulation, allegedly failing to inform the capital market promptly about the emissions-rigging software, contrary to German stock market regulations.

In 2021, Winterkorn agreed to a settlement with Volkswagen, agreeing to pay the company $12 million related to the scandal. As the trial unfolds, Volkswagen has clarified that it is not a party to the proceedings, though it will be closely monitoring the developments.

To date, the highest-ranking executive convicted in the scandal is former Audi CEO Rupert Stadler, who received a suspended sentence and a fine in June last year after admitting to fraud by negligence. The “dieselgate” scandal has cost Volkswagen over $33 billion in fines, legal fees, and compensation, primarily in the United States.

 

Have you read?
Countries: Powerful Passports.
Countries: Richest.
Countries: Poorest.
Countries: Happiest.
Countries: Life Expectancy.


Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
CEOWORLD magazine - Latest - CEO Insider - Former Volkswagen CEO Martin Winterkorn Denies Charges as ‘Dieselgate’ Trial Commences
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz