Berlin, Germany
Volkswagen
reported that it will be receiving $351 million as compensation as part of its
settlement terms with former executives for the dieselgate scandal. The company
will receive $32.89 million from directors' and officers' liability (D&O)
insurances. The scandal saw
Volkswagen admit to using illegal software to rig the U.S. diesel engine tests
in 2015. It will get $32.89 million from directors' and officers' liability
(D&O) insurances and the rest from former Audi boss Rupert Stadler.
This
announcement, to be approved at the AGM, comes after Berlin prosecutors charged
Volkswagen’s ex-CEO Martin Winterkorn for giving false testimony in front of
the German Parliament. He had earlier stated that he was unaware of
Volkswagen’s diesel emissions cheating.
Winterkorn
resigned in September 2015, a week after the scandal came to light. Volkswagen admitted using
illegal software to rig the U.S. diesel engine tests.
Source – ET Auto
Image Source: Unsplash
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