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Volkswagen Executives Accused Of Stock Market Manipulation

Volkswagen Executives Accused Of Stock Market Manipulation
Volkswagen Executives Accused Of Stock Market Manipulation

Video: Volkswagen Executives Accused Of Stock Market Manipulation

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Video: VW CEO, Chairman Charged for Market Manipulation in Germany 2023, January
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The prosecutor's office in the German city of Braunschweig accused Volkswagen CEO Herbert Diess, Supervisory Board Chairman Hans Dieter Pech and former CEO Martin Winterkorn of manipulating the stock market. Reported by the Spiegel edition.

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Martin Winterkorn, Herbert Diess and Hans Dieter Pech
  • The charge was brought up as part of the Dieselgate investigation - falsification of exhaust toxicity indicators on Volkswagen, Audi, Porsche, Skod and Seat cars. According to new data from the prosecutor's office, top managers deliberately concealed the real information about the costs that Volkswagen had to incur as a result of Dieselgate - to pay fines, modernize cars, and so on. According to the prosecutor's office, the management thereby influenced the value of the concern's shares on the stock exchange.
  • The lawyers of the German concern called these accusations groundless and said they would challenge the filed claim. What punishment threatens the management of the concern in the new case is still unknown.

Due to the scandal, which has been going on since 2015, Volkswagen has already lost about 30 billion euros. Such a colossal amount went to fines, compensations, recall campaigns, buybacks for dirty cars and environmental programs.

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