Volkswagen AG has agreed to pay 9 million euros ($9.9 million) in a deal with a German court to end legal proceedings against its chairman and chief executive, who were accused of holding back market-moving information on rigged emissions tests.
FILE PHOTO: The power station of the Volkswagen plant is pictured after VW starts shutting down production in Europe amid the outbreak of coronavirus disease in Wolfsburg, Germany, late March 19, 2020. REUTERS/Fabian Bimmer
FRANKFURT - Volkswagen AG has agreed to pay 9 million euros in a deal with a German court to end legal proceedings against its chairman and chief executive, who were accused of holding back market-moving information on rigged emissions tests. The court in Braunschweig was hearing charges of stock market manipulation against CEO Herbert Diess, as well as non-executive Chairman Hans Dieter Poetsch.
VW in September 2015 admitted using illegal software to cheat U.S. diesel engine tests, battering its share price. Prosecutors had accused Diess and Poetsch of a delay in informing investors of the company’s wrongdoing.The company added that Diess and Poetsch, who in 2015 held positions as head of VW brand and finance chief, respectively, did not violate any laws or their fiduciary duties towards VW. The company, and not the former defendants, would therefore pay the fine, it said.
Reporting by Ludwig Burger in Frankfurt and Jan Schwartz in Hamburg; Editing by Sandra Maler and Matthew Lewis
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