US charges Volkswagen and ex-chief executive with defrauding investors

A US regulator is charging Volkswagen and former chief executive Martin Winterkorn with defrauding investors during an emissions scandal.

The Securities and Exchange Commission said the German motor giant issued more than 13 billion dollars (£10 billion) in bonds and asset-backed securities in US markets between April 2014 and May 2015, when senior executives knew more than 500,000 vehicles in the country grossly exceeded legal vehicle emissions limits.

The complaint claims Volkswagen made false and misleading statements to investors and underwriters about vehicle quality, environmental compliance, and the company’s financial standing, which gave Volkswagen a financial benefit when it issued securities at more attractive rates for the company.

- Press Association

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