Former Volkswagen head released from Stuttgart prosecutor’s office chargesOctober 27, 2020
The Stuttgart prosecutor’s office has stopped investigating market manipulations against former Volkswagen Group CEO Martin Winterkorn, opening a criminal case in the city of Braunschweig.
As a reminder, prosecutors in Stuttgart, Germany, checked whether Winterkorn was manipulating markets by postponing the disclosure of the VW emissions scandal in 2015. In September of that year, the automaker admitted that it had used powertrain control module software to trick US diesel emissions tests. Subsequently, such news greatly reduced the price of the concern’s shares.
Prior to his resignation in 2015 following the scandal, Winterkorn was simultaneously the CEO of Volkswagen and the main shareholder of the group.
A spokesman for the Stuttgart prosecutor’s office said the investigation was dropped because any punishment that a local court would impose would not matter much compared to what a top manager might face during the proceedings in Braunschweig.
Winterkorn’s lawyer said his client denied the charges. According to him, if Winterkorn is acquitted by the court in Braunschweig, Lower Saxony, the Stuttgart prosecutor’s office may decide to reopen the investigation.
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