EX-VW CEO Winterkorn avoids market manipulation trial but faces tougher test
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Former VW CEO Martin Winterkorn could be jailed for 10 years if he is convicted of commercial fraud.
Former Volkswagen CEO Martin Winterkorn will not face a criminal trial in Germany for alleged market manipulation as part of the automaker s emissions scandal but a separate court case on a more serious charge will go ahead.
Winterkorn was charged by prosecutors in Brunswick in VW s German home state of Lower Saxony with failing to inform investors early enough about the extent of the automaker s emissions fraud.
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The son of a disgraced former Volkswagen boss has emerged as one of the key players in developing a new miracle battery which could transform the landscape of the automotive industry.
According to
Business Insider Germany, Martin Winterkorn Junior reportedly turned down a job at Apple to instead be part of a major project at QuantumScape – a US start-up which enjoys backing from the likes of Volkswagen and Bill Gates.
The company, founded by former Stanford University scientists, intends on delivering a new solid-state battery which would offer the benefits of quick charging and a significant driving range for electric vehicles, giving Volkswagen Group a considerable advantage over other car makers.
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Former Volkswagen supplier Prevent sued the automaker in the US on Monday, accusing the automaker of driving it out of the US market.
Bosnia-based Prevent provides components for car seat covers. Business Insider Deutschland previously reported on how Volkswagen had started planning as early as 2013 to rid itself of Prevent.
At the time, secret recordings uncovered how Project 1 was set up to demolish Prevent. VW dismissed an employee it accused of recording the secret meetings, who was later found dead in a burned-out car.