The proceedings against possible market manipulation against VW boss Diess and supervisory board chairman Pötsch should be terminated for a payment of nine million euros.
Volkswagen confirmed an agreement between the two defendants and the judiciary on Tuesday.
The criminal proceedings against the former VW boss Martin Winterkorn for possible market manipulation are also expected to shake.
The criminal proceedings regarding possible market manipulation against VW CEO Herbert Diess and Supervisory Board boss Hans Dieter Pötsch in the diesel affair are to be terminated for a payment of nine million euros. A spokesman for the Volkswagen control body confirmed an agreement between the two defendants and the judiciary on Tuesday. The “Manager Magazine” had previously reported on this.
“The supervisory board of Volkswagen AG welcomes the termination of the proceedings by the regional court in Braunschweig,” it said. Diess and Pötsch were charged in September last year – the investigators accused them of failing to inform investors in good time about the extent of the financial consequences and impending penalties in connection with the opening of the exhaust gas scandal in the United States in autumn 2015. Legal advisors to the company now see themselves as confirmed in their assessment that the allegations against the CEO and the chief controller are not well founded.
The law firm Gleiss Lutz, which advised VW in the case, was also convinced that Diess and Pötsch also “had not violated any obligations towards Volkswagen AG under civil law”. Both agreed to the plan to end the proceedings against a payment of 4.5 million euros per person. This is also in the interest of VW, the decision was made “after extensive examination and consideration”. From the district court of Braunschweig, which had not yet ruled on the admission of the indictment, there was initially no comment on the agreement on Tuesday evening.
The criminal proceedings against the former VW boss Martin Winterkorn for possible market manipulation are also expected to shake. It could be ended soon against conditions, it said on Tuesday evening from Winterkorn’s environment.
In another trial, Winterkorn is also charged with serious fraud related to the diesel affair. Again, the indictment is not yet allowed, the court had recently shown doubts about the validity of some allegations.