Former VW chief goes on trial nine years after dieselgate

Former VW chief goes on trial nine years after dieselgate


Former Volkswagen Chairman Martin Winterkorn appears for a trial on suspicion of fraud, making false statements and market manipulation, in Braunschweig, Germany September 3, 2024. 

Fabian Bimmer | Reuters

Former Volkswagen Chief Executive Martin Winterkorn appeared in court on Tuesday on fraud charges over the so-called dieselgate scandal, nine years after the German carmaker was found to have rigged emissions tests.

Winterkorn, who was toppled from the helm of the company in September 2015 after it emerged that millions of Volkswagen cars had been manipulated to pass environmental standards, became a figurehead of the scandal, the biggest in the company’s history.

Tuesday marked the start of the 77-year-old’s criminal trial, the culmination of a case more than five years in the making.

The trial comes as the future of Volkswagen’s German locations is in question, as the carmaker looks for billions of euros in savings at its namesake brand.

Winterkorn was tight-lipped entering court in the central city of Braunschweig in a dark-blue suit but told reporters he was “doing very well.”

The criminal charges against Winterkorn include fraud, market manipulation and unlawful false testimony before a parliamentary committee.

He is also alleged to have failed to inform the capital market in good time about the mass manipulation of diesel engines in 2015.

Via his lawyer, Winterkorn denied the charges against him.

“Our client did not defraud or harm anyone, he did not deliberately leave the capital market in the dark so that investors would be harmed, and he told the investigating committee the truth,” his lawyer said.

The 77-year-old has suffered from health problems, causing repeated delays to the start of the trial.

It was the former CEO’s first time in court since February this year, when he appeared as a witness in an investor lawsuit.

He denied any involvement in decisions to install the so-called defeat devices that made harmful diesel emissions seem cleaner than they were.

He has previously been questioned by an investigative committee of Germany’s lower house of parliament and by law firms commissioned by Volkswagen.

If found guilty, Winterkorn faces a fine or a custodial sentence.



Source

Alibaba unveils Qwen3.5 as China’s chatbot race shifts to AI agents
World

Alibaba unveils Qwen3.5 as China’s chatbot race shifts to AI agents

Qwen3 is Alibaba’s latest large language model, which it says combines traditional LLM capabilities with “advanced, dynamic reasoning.” Sopa Images | Lightrocket | Getty Images Alibaba Group has released its newest AI model series, featuring enhanced capabilities, as it faces intensifying competition in China’s AI space with several models launched in the past week.  The […]

Read More
Asia markets make cautious start, oil rises on U.S.-Iran talks
World

Asia markets make cautious start, oil rises on U.S.-Iran talks

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Aug. 5, 2024.  Noriko Hayashi | Bloomberg | Getty Images Asian financial markets were treading carefully on Tuesday in holiday-thinned trading, but oil pushed higher with U.S and Iran nuclear negotiations in Geneva due to begin later in […]

Read More
Australia central bank sees no set path for future rates, following Feb hike
World

Australia central bank sees no set path for future rates, following Feb hike

Australia’s central bank sees inflation staying above its target band in 2026. Brendon Thorne | Bloomberg | Getty Images Australia’s central bank concluded inflation would stay stubbornly high if it had not hiked interest rates as it did this month, and was not yet sure if further tightening would be necessary. Minutes of the Reserve […]

Read More