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Found 8 results

  1. Former Volkswagen CEO Martin Winterkorn has been indicted for his involvement in the diesel emission scandal. The indictment, which was filed under seal at the U.S. District Court in Detroit back in March, was unsealed yesterday. U.S. Attorney Matthew Schneider said in court filings the reason for unsealing is "because there is no longer a belief that unsealing these documents will compromise an ongoing investigation." Winterkorn has been charged with four felony counts, including wire fraud and violating the clean air act. In the indictment, it is alleged that Winterkorn was told about the efforts to manipulate U.S. emission tests with their TDI vehicles in May 2014 and July 2015. Winterkorn has previously stated that he only found out about the cheating in August 2015. The indictment also mentions a meeting that took place on July 27, 2015 at Volkswagen's Wolfsburg headquarters. It is reported that a Powerpoint presentation was shown to various executives, including Winterkorn, that laid out the process of deception that Volkswagen was doing to regulators. Allegedly at the meeting, Volkswagen employees recommended that the company work on getting the approval of 2016 model year diesel vehicles without revealing the existence of the cheat software. Various executives including Winterkorn agreed to the plan. "If you try to deceive the United States, then you will pay a heavy price," said U.S. Attorney General Jeff Sessions in a statement. So, when should expect Winterkorn to appear in a U.S. courtroom? The answer is never and Automotive News explains why, Emphasis mine. A source told Reuters that Winterkorn is in Germany and will be staying there. He is likely aware of what happened Oliver Schmidt, who pleaded guilty for his participation in the scandal. Schmidt was arrested in late 2016 when he was traveling in the U.S. German prosecutors will continue their investigation into Winterkorn's involvement in the diesel emission scandal. "Our investigation strategy does not change just because the Americans have filed charges against Winterkorn," said a spokesman for the Lower Saxony prosecutors' office. Source: Automotive News (Subscription Required), 2, Reuters
  2. Former Volkswagen CEO Martin Winterkorn has been indicted for his involvement in the diesel emission scandal. The indictment, which was filed under seal at the U.S. District Court in Detroit back in March, was unsealed yesterday. U.S. Attorney Matthew Schneider said in court filings the reason for unsealing is "because there is no longer a belief that unsealing these documents will compromise an ongoing investigation." Winterkorn has been charged with four felony counts, including wire fraud and violating the clean air act. In the indictment, it is alleged that Winterkorn was told about the efforts to manipulate U.S. emission tests with their TDI vehicles in May 2014 and July 2015. Winterkorn has previously stated that he only found out about the cheating in August 2015. The indictment also mentions a meeting that took place on July 27, 2015 at Volkswagen's Wolfsburg headquarters. It is reported that a Powerpoint presentation was shown to various executives, including Winterkorn, that laid out the process of deception that Volkswagen was doing to regulators. Allegedly at the meeting, Volkswagen employees recommended that the company work on getting the approval of 2016 model year diesel vehicles without revealing the existence of the cheat software. Various executives including Winterkorn agreed to the plan. "If you try to deceive the United States, then you will pay a heavy price," said U.S. Attorney General Jeff Sessions in a statement. So, when should expect Winterkorn to appear in a U.S. courtroom? The answer is never and Automotive News explains why, Emphasis mine. A source told Reuters that Winterkorn is in Germany and will be staying there. He is likely aware of what happened Oliver Schmidt, who pleaded guilty for his participation in the scandal. Schmidt was arrested in late 2016 when he was traveling in the U.S. German prosecutors will continue their investigation into Winterkorn's involvement in the diesel emission scandal. "Our investigation strategy does not change just because the Americans have filed charges against Winterkorn," said a spokesman for the Lower Saxony prosecutors' office. Source: Automotive News (Subscription Required), 2, Reuters View full article
  3. Ever since Martin Winterkorn resigned from his post as Volkswagen Group CEO due to diesel emission scandal sixteen months ago, he has been out of the spotlight. However, Winterkorn made his first public appearance today at a parliamentary committee in Berlin investigating the emission irregularities of automobiles. At the hearing, Winterkorn maintained his innocence, saying he had no part in the cheating, nor knew anything about it. “It’s incomprehensible why I wasn’t informed early and clearly. I would have prevented any type of deception or misleading of authorities,” said Winterkorn. Winterkorn declined to answer questions dealing with when he was informed about the scandal, saying prosecutors are still investigating. The defense that Winterkorn is using (not having any knowledge about the scandal until the news broke) is very much at odds with his reputation of being a detail-obsessed executive. “It remains difficult to believe that such a dedicated engineer like Winterkorn wasn’t aware what was going on. And if he wasn’t, he neglected his duties as supervisor,” said Stefan Bratzel, an auto industry researcher at the University of Applied Sciences in Bergisch Gladbach, Germany to Bloomberg. There is also a fair amount of circumstantial evidence that shows Winterkorn knew about this. A year before the scandal broke, Winterkorn was alleged to get a memo talking about the investigation into the EA128 2.0L TDI engine. He claims that he never saw that memo. There is also the allegation that Winterkorn sat in a meeting discussing the investigation. Before leaving the hearing, Winterkorn apologized once again. “What happened makes people furious -- me too. I’m deeply upset that we disappointed millions of our customers,” said Winterkorn. Source: Bloomberg
  4. Ever since Martin Winterkorn resigned from his post as Volkswagen Group CEO due to diesel emission scandal sixteen months ago, he has been out of the spotlight. However, Winterkorn made his first public appearance today at a parliamentary committee in Berlin investigating the emission irregularities of automobiles. At the hearing, Winterkorn maintained his innocence, saying he had no part in the cheating, nor knew anything about it. “It’s incomprehensible why I wasn’t informed early and clearly. I would have prevented any type of deception or misleading of authorities,” said Winterkorn. Winterkorn declined to answer questions dealing with when he was informed about the scandal, saying prosecutors are still investigating. The defense that Winterkorn is using (not having any knowledge about the scandal until the news broke) is very much at odds with his reputation of being a detail-obsessed executive. “It remains difficult to believe that such a dedicated engineer like Winterkorn wasn’t aware what was going on. And if he wasn’t, he neglected his duties as supervisor,” said Stefan Bratzel, an auto industry researcher at the University of Applied Sciences in Bergisch Gladbach, Germany to Bloomberg. There is also a fair amount of circumstantial evidence that shows Winterkorn knew about this. A year before the scandal broke, Winterkorn was alleged to get a memo talking about the investigation into the EA128 2.0L TDI engine. He claims that he never saw that memo. There is also the allegation that Winterkorn sat in a meeting discussing the investigation. Before leaving the hearing, Winterkorn apologized once again. “What happened makes people furious -- me too. I’m deeply upset that we disappointed millions of our customers,” said Winterkorn. Source: Bloomberg View full article
  5. A new report alleges that former Volkswagen CEO, Martin Winterkorn knew about the defeat devices two weeks before the official announcement from U.S. regulators. German publication Bild am Sonntag (via Reuters) got their hands on a letter sent on September 4, 2015, to Winterkorn from a manager. The letter said, "In the conversation on 03.09.2015 with the regulator CARB (California Air Resources Board), the defeat device was admitted." Volkswagen's U.S. CEO Michael Horn told a House of Representatives hearing in October that the company came clean about the defeat device on September 3rd. Now this letter could have some serious ramifications for Volkswagen. Shareholders who are planning to sue the German automaker for compensation for the plunge in its share price could use the letter in court, saying the company should have revealed to the public about the defeat devices when they admitted to it. Volkswagen declined to comment on the report. Source: Bild via Reuters
  6. A new report alleges that former Volkswagen CEO, Martin Winterkorn knew about the defeat devices two weeks before the official announcement from U.S. regulators. German publication Bild am Sonntag (via Reuters) got their hands on a letter sent on September 4, 2015, to Winterkorn from a manager. The letter said, "In the conversation on 03.09.2015 with the regulator CARB (California Air Resources Board), the defeat device was admitted." Volkswagen's U.S. CEO Michael Horn told a House of Representatives hearing in October that the company came clean about the defeat device on September 3rd. Now this letter could have some serious ramifications for Volkswagen. Shareholders who are planning to sue the German automaker for compensation for the plunge in its share price could use the letter in court, saying the company should have revealed to the public about the defeat devices when they admitted to it. Volkswagen declined to comment on the report. Source: Bild via Reuters View full article
  7. After an emergency meeting held today, Volkswagen CEO Martin Winterkorn announced his resignation amid allegations that the automaker manipulated their diesel vehicles to meet emissions regulations around the world. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrongdoing on my part," said Winterkorn in a statement. "Volkswagen needs a fresh start - also in terms of personnel. I am clearing the way for this fresh start with my resignation." Since the announcement of Volkswagen's illegal software, the company had lost more than $26 billion in value over the last two days in the stock market. In a statement released by Volkswagen's Supervisory Board, a successor to Winterkorn will be considered at a meeting this Friday. The board also says in their statement that more people could be facing serious trouble in light of this scandal. Source: Volkswagen Press Release is on Page 2 Statement by Prof. Dr. Winterkorn "I am shocked by the events of the past few days. Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group. As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrong doing on my part. Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation. I have always been driven by my desire to serve this company, especially our customers and employees. Volkswagen has been, is and will always be my life. The process of clarification and transparency must continue. This is the only way to win back trust. I am convinced that the Volkswagen Group and its team will overcome this grave crisis." Statement from the Executive Committee of Volkswagen AG's Supervisory Board In a meeting on Wednesday, September 23, the Executive Committee of the Supervisory Board of Volkswagen AG discussed in detail the manipulation of emissions data of Volkswagen Group diesel engines and came to the following conclusions: The Executive Committee takes this matter extremely seriously. The Executive Committee recognizes not only the economic damage caused, but also the loss of trust among many customers worldwide. The Executive Committee agrees that these incidents need to be clarified with great conviction and that mistakes are corrected. At the same time, the Executive Committee is adamant that it will take the necessary decisive steps to ensure a credible new beginning. The Executive Committee has great respect for Chairman Professor Dr. Winterkorn's offer to resign his position and to ask that his employment agreement be terminated. The Executive Committee notes that Professor Dr. Winterkorn had no knowledge of the manipulation of emissions data. The Executive Committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally. Dr. Winterkorn has made invaluable contributions to Volkswagen. The company's rise to global company is inextricably linked to his name. The Executive Committee thanks Dr. Winterkorn for towering contributions in the past decades and for his willingness to take responsibility in this criticall phase for the company. This attitude is illustrious. Recommendations for new personnel will be presented at the upcoming meeting of the Supervisory Board this Friday. The Executive Committee is expecting further personnel consequences in the next days. The internal Group investigations are continuing at a high tempo. All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences. The Executive Committee have decided that the company will voluntarily submit a complaint to the State Prosecutors' office in Brunswick. In the view of the Executive Committee criminal proceedings may be relevant due to the irregularities. The investigations of the State Prosecutor will be supported in all form from the side of Volkswagen. The Executive Committee proposes that the Supervisory Board of Volkswagen AG create a special committee, under whose leadership further clarifying steps will follow, including the preparation of the necessary consequences. In this regard, the Special Committee would make use of external advice. Further details about this will be decided at the Supervisory Board meeting on Friday. The Executive Committee is aware that coming to terms with the crisis of trust will be a long term task that requires a high degree of consistency and thoroughness. The Executive Committee will work on these tasks together with the employees and the Management Board. Volkswagen is a magnificent company that depends on the efforts of hundreds of thousands of people. We consider it our task that this company regains the trust of our customers in every respect. View full article
  8. William Maley

    Volkswagen CEO Martin Winterkorn Steps Down

    After an emergency meeting held today, Volkswagen CEO Martin Winterkorn announced his resignation amid allegations that the automaker manipulated their diesel vehicles to meet emissions regulations around the world. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrongdoing on my part," said Winterkorn in a statement. "Volkswagen needs a fresh start - also in terms of personnel. I am clearing the way for this fresh start with my resignation." Since the announcement of Volkswagen's illegal software, the company had lost more than $26 billion in value over the last two days in the stock market. In a statement released by Volkswagen's Supervisory Board, a successor to Winterkorn will be considered at a meeting this Friday. The board also says in their statement that more people could be facing serious trouble in light of this scandal. Source: Volkswagen Press Release is on Page 2 Statement by Prof. Dr. Winterkorn "I am shocked by the events of the past few days. Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group. As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrong doing on my part. Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation. I have always been driven by my desire to serve this company, especially our customers and employees. Volkswagen has been, is and will always be my life. The process of clarification and transparency must continue. This is the only way to win back trust. I am convinced that the Volkswagen Group and its team will overcome this grave crisis." Statement from the Executive Committee of Volkswagen AG's Supervisory Board In a meeting on Wednesday, September 23, the Executive Committee of the Supervisory Board of Volkswagen AG discussed in detail the manipulation of emissions data of Volkswagen Group diesel engines and came to the following conclusions: The Executive Committee takes this matter extremely seriously. The Executive Committee recognizes not only the economic damage caused, but also the loss of trust among many customers worldwide. The Executive Committee agrees that these incidents need to be clarified with great conviction and that mistakes are corrected. At the same time, the Executive Committee is adamant that it will take the necessary decisive steps to ensure a credible new beginning. The Executive Committee has great respect for Chairman Professor Dr. Winterkorn's offer to resign his position and to ask that his employment agreement be terminated. The Executive Committee notes that Professor Dr. Winterkorn had no knowledge of the manipulation of emissions data. The Executive Committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally. Dr. Winterkorn has made invaluable contributions to Volkswagen. The company's rise to global company is inextricably linked to his name. The Executive Committee thanks Dr. Winterkorn for towering contributions in the past decades and for his willingness to take responsibility in this criticall phase for the company. This attitude is illustrious. Recommendations for new personnel will be presented at the upcoming meeting of the Supervisory Board this Friday. The Executive Committee is expecting further personnel consequences in the next days. The internal Group investigations are continuing at a high tempo. All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences. The Executive Committee have decided that the company will voluntarily submit a complaint to the State Prosecutors' office in Brunswick. In the view of the Executive Committee criminal proceedings may be relevant due to the irregularities. The investigations of the State Prosecutor will be supported in all form from the side of Volkswagen. The Executive Committee proposes that the Supervisory Board of Volkswagen AG create a special committee, under whose leadership further clarifying steps will follow, including the preparation of the necessary consequences. In this regard, the Special Committee would make use of external advice. Further details about this will be decided at the Supervisory Board meeting on Friday. The Executive Committee is aware that coming to terms with the crisis of trust will be a long term task that requires a high degree of consistency and thoroughness. The Executive Committee will work on these tasks together with the employees and the Management Board. Volkswagen is a magnificent company that depends on the efforts of hundreds of thousands of people. We consider it our task that this company regains the trust of our customers in every respect.

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