Tag: vw bosses
Since Volkswagen’s “defeat device” behaviour was published in the media in September 2015, the VW Group has received constant limelight ever since. Although German prosecutors remain hopeful that the first legal rulings will be concluded at the end of the year, VW’s chairman believes this will be far from the case.
And we are not surprised!
In the midst of the criminal and civil probes, Volkswagen expressed their distinct opposition to German prosecutors searching their solicitors’ firm, Jones Day.
VW said that the search was “unacceptable in every respect”.
According to USA Today, the search was conducted as a result of burning questions about whether certain members of the VW managerial board were involved in, or responsible for, the emissions scandal. The German automaker said that the search was a”“clear breach of the principles of the rule of law”, namely the code of criminal procedure. They noted that if they continue to breach these principles, they would “take all action at our disposal against these proceedings”.
In the latest turn of events, VW has indicated that it may bring legal action against a former chairman, Ferdinand Piech. This was after Mr Piech allegedly informed the supervisory board about the potential cheating of diesel emission test in March 2015.
The report that was published stated that Mr Piech had highlighted the issue with the former CEO, Martin Winterkorn, and several other members of the supervisory board.
This suspiciously led to Mr Piech’s exit as Chairman.
In the midst of the many legal battles and billions of dollars in settlements and fines being paid out so far in the U.S., Volkswagen Executives are facing criminal charges for their alleged roles in the Volkswagen Emissions Scandal too.
It has been reported that six top executives have been accused of a decade-long conspiracy to create the software for their vehicles to cheat official testing. U.S. federal authorities have issued indictments for the executives to be extradited to the U.S. for Trial.
Former-Volkswagen CEO and other top management executives must defend lawsuit over the VW cheating emissions scandal
When former VW CEO, Martin Winterkorn, resigned following the emissions scandal in 2015, I’m sure he didn’t expect to be defending a lawsuit himself.
A U.S. District Judge has ruled that Mr Winterkorn must defend a suit that is brought by American pension fund investors. The suit alleges that VW are guilty of not warning or informing the market/investors ‘in a timely fashion’ about the emission scandal; instead leaving investors to find out about their pension funds after the scandal had been publicised and splashed across the news.
“VW’s top players subject to criminal investigations” – German authorities investigations into whether VW’s chairman Hans Dieter Potsch knew of the scandal and failed to inform investors
The German VW investigations have reached another development as VW’s chairman of the supervisory board, Hans Dieter Potsch, has allegedly violated securities laws, which is being investigated in the criminal probe launched earlier this year in June.
The ongoing headache for the German car giants isn’t set to end anytime soon. With 11 million vehicles affected worldwide, this is one of the biggest scandals in history, and the importance of both civil claims and criminal investigations has never been more prominent.
Seven months on from the breaking of the Volkswagen Emissions Scandal and here’s the state of play:
- No recall initiated despite it supposedly starting January 2016;
- No viable fix that won’t affect fuel consumption and engine performance according to independent research;
- Not a single penny in compensation paid to the millions of consumers worldwide who have been sold a misrepresented vehicle;
- £49m pounds to be paid in bonuses to VW bosses!
Yes, you read that right! Despite the PR nightmares and failed assurances, the VW bosses at the top are still going to receive millions in bonuses despite Volkswagen being at the centre of the one the biggest scandals in history.