Stuttgart prosecutors drop investigation into ex-VW boss Winterkorn
By REUTERS | 27 October 2020FRANKFURT: Prosecutors in the German city of Stuttgart have dropped a market manipulation investigation into former Volkswagen chief executive Martin Winterkorn, deferring to a criminal case against him in the city of Braunschweig.
Prosecutors in Stuttgart had looked at whether Winterkorn had manipulated markets by delaying the disclosure of VW’s emissions scandal in 2015. VW in September that year admitted using engine control software to cheat US diesel emission tests, battering its share price.
Until his resignation in 2015 in the wake of the scandal, Winterkorn was both CEO of Volkswagen and of the group’s main shareholder, Stuttgart-based Porsche SE.
A spokesman for the Stuttgart prosecutors said the investigation was dropped because any penalty imposed by the court there would have little significance compared to what could result from the Braunschweig proceedings.
A lawyer for Winterkorn has said his client denies the charges.
Should Winterkorn be acquitted by the Braunschweig court Stuttgart prosecutors may decide to resume their investigation, she said.
Tags
Autos Volkswagen
Reviews
7.8
Nissan Almera Turbo VLT Kuro GT package: Dark draw
Great Wall Motor (GWM): Going high-five in Beijing
Geely Driving Experience in Beijing: Zeekr 001 FR hypercar d...
Jaecoo J7: Ready to rumble
7.6
Hyundai Ioniq 6 Max RWD driven
8.2
Proton X90 Flagship: Powerful, roomy, refined, premium appoi...
Tesla's brash Cybertruck: A blend of Wild West and space tec...
6.0