Former Volkswagen boss Martin Winterkorn goes to a Bundestag committee on the car manufacturer’s emissions scandal in Berlin, Germany, 19 January 2017. REUTERS / Hannibal Hanschke / File Photo
Former Volkswagen (VOWG_p.DE) boss Martin Winterkorn has agreed to pay the carmaker around 10 million euros in damages in the diesel emissions scandal, Business Insider reported on Monday.
Volkswagen announced in March that it would demand compensation from Winterkorn for the scandal in order to put an end to its greatest crisis of all time. Continue reading
Business Insider reported, citing a draft contract, that an agreement between automaker Winterkorn and other former executives could be signed this week.
Volkswagen’s board of directors is due to discuss an agreement over the weekend, two sources familiar with the matter told Reuters. An annual general meeting of shareholders in July would then have to sign it off.
Volkswagen did not want to comment on this. A Winterkorn spokesman did not answer the phone when asked to comment.
The German company announced in March that after extensive legal investigations, Winterkorn had come to the conclusion that it had violated its duty of care. Winterkorn has denied being responsible for the scandal.
Volkswagen admitted using illegal software to run diesel engine tests in the United States in 2015. The scandal cost them more than 32 billion euros in fines, retrofitting and legal fees.
Winterkorn resigned as CEO on September 23, 2015, one week after the outbreak of the scandal.
($ 1 = 0.8178 euros)
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