SAWT BEIRUT INTERNATIONAL

| 16 June 2021, Wednesday | النسخة العربية

Volkswagen to get $351 mln in dieselgate settlement with former execs

Volkswagen announced on Wednesday that it has reached an agreement with former executives, including ex-CEO Martin Winterkorn, to settle claims linked to the dieselgate incident, for a total of 288 million euros ($351 million).

Winterkorn was charged by Berlin prosecutors with lying to the German parliament when he said he was uninformed of the carmaker’s diesel emissions cheating before it became public.

Winterkorn resigned as CEO of Volkswagen in September 2015, a week after the corporation acknowledged to employing unlawful software to rig diesel engine tests in the United States.

The resolution involves a settlement with former Audi CEO Rupert Stadler, which involves a 270 million euro payment from directors’ and officers’ liability (D&O) insurances.

The company’s annual general meeting on July 22 must yet accept it.