Ex-VW boss to pay 10 million euros in dieselgate damages – Business Insider

imageStock Markets45 minutes ago (May 31, 2021 02:05PM ET)

(C) Reuters. FILE PHOTO: Former Volkswagen chief executive Martin Winterkorn leaves after testifying to a German parliamentary committee on the carmaker’s emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Hannibal Hanschke/File Photo

FRANKFURT (Reuters) – Former Volkswagen (DE:VOWG_p) chief Martin Winterkorn has agreed to pay around 10 million euros ($12 million) in damages to the carmaker over the diesel emissions scandal, Business Insider reported on Monday.

Volkswagen had said in March it would claim damages from Winterkorn over the scandal as it tries to draw a line under its biggest-ever crisis.

Business Insider, citing a draft contract, reported that an agreement between the carmaker, Winterkorn and other former executives could be signed this week.

Volkswagen’s supervisory board is scheduled to discuss an agreement over the weekend, two sources with knowledge of the matter told Reuters. An annual general meeting of shareholders in July would then need to sign off on it.

Volkswagen declined to comment. A spokesman for Winterkorn didn’t answer the phone when called for comment.

The German company had said in March that following a far-reaching legal investigation it had concluded Winterkorn had breached his duty of care. Winterkorn has denied being responsible for the scandal.

Volkswagen in 2015 admitted using illegal software to rig diesel engine tests in the United States. The scandal has cost it more than 32 billion euros in fines, refits and legal fees.

Winterkorn resigned as chief executive on Sept. 23, 2015, a week after the scandal broke.

($1 = 0.8178 euros)

Ex-VW boss to pay 10 million euros in dieselgate damages – Business Insider

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.