Former Volkswagen CEO Martin Winterkorn to pay firm $13 million over diesel scandal
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Last Updated: Jun 09, 2021, 08:25 PM IST
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Winterkorn s payment is his share of an overall 288 million-euro settlement with Volkswagen by him and three other former managers. Volkswagen said it would get 270 million euros ($329 million) from liability insurance against loss from the actions of directors and officers.
Agencies
The company said Winterkorn also failed to ensure that the company answered questions from U.S. regulators truthfully, completely and without delay.
Former Volkswagen CEO Martin Winterkorn has agreed to pay 11.2 million euros ($13.6 million) in compensation for what the company called his failure to quickly get to the bottom of the 2015 scandal over diesel engines rigged to cheat on emissions tests, the company said Wednesday.
FRANKFURT, GERMANY Former Volkswagen CEO Martin Winterkorn has agreed to pay 11.2 million euros (US$13.6 million) in compensation for what the company called his failure to quickly get to the bottom of the 2015 scandal over diesel engines rigged to cheat on emissions tests, the company said Wednesday. Winterkorn s payment is his share of an overall 288 million-euro settlement with Volkswagen by him and three other former managers. Volkswagen said it would get 270 million euros ($329 million) from liability insurance against loss from the actions of directors and officers. Rupert Stadler, former head of the Audi luxury car division, would pay 4.1 million euros; former Audi executive Stefan Knirsch 1 million euros; and former Porsche executive Wolfgang Hatz 1.5 million euros. Porsche is a part of the Volkswagen Group.