German prosecutors are looking at whether former Volkswagen chief executive Martin Winterkorn was too slow to tell investors about the potential cost of the diesel-emissions scandal, adding to the legal woes weighing on Europe’s largest carmaker.
Earlier this week, the former CEO and owner of the Peanut Corporation of America was sentenced to 28 years in prison for his part in a salmonella outbreak that led to the death of nine people across the US. More than 700 people suffered illness and 166 being hospitalised as a result.
The revelations about Volkswagen’s emissions fraud, added to recent scandals at Siemens and Deutsche Bank, show a German corporate establishment that is out of step with a society that is actively trying to atone for 20th-century sins, writes
Isn’t karma a funny thing? For the last few years the people of Greece have had to endure insufferably patronising moral lectures from Germany about how dysfunctional Greece is and if only it was more like Germany, life for Greeks would be so much better.
NEARLY 12,000 Irish people bought a Volkswagen car last year and, in the light of the emissions scandal that has already cost the German car manufacturer €24bn — another €6.5bn has been set aside for initial compensation and penalties — every one of those must wonder if they can rely on the company’s claims and promises about their new cars.
Volkswagen lost almost a quarter of its market value after it admitted to cheating on US air pollution tests for years, putting pressure on chief executive Martin Winterkorn to fix the damaged reputation of the world’s biggest car maker.