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Ex-VW CEO Martin Winterkorn Pays Company ₦5.6B For His Role In Dieselgate Scandal
Former Volkswagen CEO Martin Winterkorn agrees to pay German company £9.7m (₦5.6B) for his role in dieselgate scandal.
VW was fined for installing ‘cheating’ software to make its cars appear they emitted fewer pollutants than they actually did.
VW was forced to pay around £28 billion (about ₦16.2 trillion) to regulators across the globe.
Martin Winterkorn, the former Volkswagen boss who oversaw the ‘Dieselgate’ scandal is set to pay the German car maker £9.7m (₦5.6 billion) in reparations after years of dispute.
74-year-old Winterkorn, who was chief executive of Volkswagen for almost nine years, resigned in 2015 days after VW was caught cheating regulators.
The ‘Dieselgate’ scandal rocked the industry when it emerged that VW had installed ‘cheating software‘ to make its cars appear they emitted fewer pollutants than they actually did.
After being caught, the world’s second-largest car manufacturer was forced to pay around £28 billion (about ₦16.2 trillion) to regulators across the globe.
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Ex-VW CEO Martin Winterkorn
But Winterkorn isn’t the only former VW executives that has agreed to pay the German auto-giant. Former Audi head Rupert Stadler and Porsche boss Wolfgang Hatz have also agreed to pay VW a further £5.7m (₦3.3 billion).
In total, VW will receive more than £240m (₦139.5 billion) in compensation, with most of it coming from insurers who offered directors’ and officers’ liability cover.
The agreement comes after Winterkorn was charged with giving false testimony to the German parliament that he wasn’t aware of the Dieselgate rigging before it became public.
The ‘Dieselgate’ scandal catalysed Volkswagen’s switch from Internal Combustion Engine-powered cars to electric vehicles after motorists realised diesel engines were not as ‘clean’ as had been claimed.
