Home Business Top Volkswagen executives have been charged with market manipulation

Top Volkswagen executives have been charged with market manipulation

Relative to a scandal that involved the emission of diesel, four major executives of Volkswagen have been imposed with the charges of manipulating the market. Among the four executives involved in the matter, three are currently working in the company, while one is a former executive.

The German prosecutors entail allegations on Chairman Hans Dieter Potsch, Martin Winterkorn who is the ex-CEO, and the current CEO Herbert Diess of not sending any signs of warning to the investors about the fallout of finance early enough to tackle the situation. Also, Volkswagen made admissions about making use of illegal software that got them to surpass the emission tests by cheating in 2015.  Volkswagen dared even to say that it was very confident about the allegations proving to be groundless.

On Tuesday, the reports surfaced suggesting that Mr. Diess will continue to serve Volkswagen in the position of a CEO. The matters have been precisely investigated for four long years by the company by making use of its external as well as internal legal experts.

The German company came up with a conclusion that all the allegations that were imposed on Volkswagen were ultimately proved to be insubstantial. The lawyers of Mr. Potsch and Mr. Winterkorn state that both of them are not to be blamed for any breaching of the diesel emission scandal, while the lawyer representing Mr. Diess claims in the court that his client had not even joined Volkswagen until July of the same year. And, therefore, should in no way be held responsible for the misdoings concerned with the scandal.

The scandal of diesel emission erupted in September of 2015 when Volkswagen openly admitted about fitting the defeat devices in more than 600,000 cars that were sold in the United States to beat the emission test. The lewd act was not only limited to the US but also spread across the globe when millions of cars from Volkswagen were equipped with the defeat device between the years of 2009 and 2015.

When the scandal broke in front of the world, the CEO at that time –Mr. Winterkorn stepped down from his position and was replaced by Mr. Deiss, who took over the charge of Volkswagen’s head. This was one of the two indictments presented by the prosecutors. In April, Mr. Winterkorn, along with three other managers, was charged for fraudulence.

Bo Walkden
Bo Walkden
Bo Walkden graduated from the University of Tennessee with a major in biology and a minor in Sociology. Bo grew up in Nashville but moved to Memphis for college. Bo has written for several major publications including the Knoxville News Sentinel and NPR. Bo is a community reporter and also covers stories important to all Americans.

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