Volkswagen pays 9 million euros to end proceedings against chairman, CEO

FRANKFURT (Reuters) - Volkswagen said it agreed with a German court to pay 9 million euros (8 million pounds) to end legal proceedings against its chairman and chief executive, who were accused of holding back market-moving information on rigged emissions tests. The court in Braunschweig was hearing charges of stock market manipulation against CEO Herbert Diess, as well as non-executive Chairman Hans Dieter Poetsch. VW in September 2015 admitted using illegal software to cheat U.S

Reuters May 20, 2020 01:06:19 IST
Volkswagen pays 9 million euros to end proceedings against chairman, CEO

Volkswagen pays 9 million euros to end proceedings against chairman CEO

FRANKFURT (Reuters) - Volkswagen said it agreed with a German court to pay 9 million euros (8 million pounds) to end legal proceedings against its chairman and chief executive, who were accused of holding back market-moving information on rigged emissions tests.

The court in Braunschweig was hearing charges of stock market manipulation against CEO Herbert Diess, as well as non-executive Chairman Hans Dieter Poetsch.

VW in September 2015 admitted using illegal software to cheat U.S. diesel engine tests, battering its share price. Prosecutors had pressed charges over an alleged delay by Diess and Poetsch in informing investors of the company's wrongdoing.

Volkswagen said it welcomed the court's decision.

(Reporting by Ludwig Burger; Editing by Sandra Maler)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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