Ex-VW boss pays 10 million euros Dieselgate damages – Business Insider
The former head of Volkswagen (VOWG_p.DE), Martin Winterkorn, has agreed to pay the carmaker around 10 million euros in damages due to the diesel emissions scandal, Business Insider reported on Monday.
Volkswagen announced in March that it would be demanding compensation from Winterkorn for the scandal as it was trying to draw a line in its biggest crisis to date. Continue reading
Business Insider reported, citing a draft contract, that an agreement between automaker Winterkorn and other former executives could be signed this week.
Volkswagen’s board of directors is due to discuss an agreement over the weekend, two knowledgeable sources told Reuters. This would then have to be signed by an annual general meeting in July.
Volkswagen declined to comment. A Winterkorn spokesman did not answer the phone when asked to comment.
The German company announced in March that, after an extensive legal investigation, Winterkorn had come to the conclusion that it had violated its duty of care. Winterkorn has denied being responsible for the scandal.
In 2015, Volkswagen admitted using illegal software to conduct diesel engine tests in the United States. The scandal cost more than 32 billion euros in fines, renovations and legal fees.
Winterkorn resigned as managing director on September 23, 2015, one week after the outbreak of the scandal.
($ 1 = 0.8178 euros)
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