Braunschweig, Germany
Former Volkswagen chief executive Martin Winterkorn attended the fraud trial on Tuesday, in connection with the cheat device scandal that had emerged more than eight years ago. The case represents a new chapter in a scandal concerning Volkswagen that concerned the manipulation of emission test results on cars to the tune of millions.
Winterkorn who worked at Volkswagen till his resignation in September, 2015, following the revelation of the manipulation is the main figure involved in the scandal that is ranked as one of the biggest corporate fraud in automobiles industry. The 77-year-old appeared in the Supreme Court in Braunschweig Germany; he was clad in a dark-blue suit. While he did not exprese himself in detail about the session, he said this to the press: “I am doing very well.
The criminal charges facing Winterkorn are accused of fraud, market manipulation and perjuring himself when presenting before a parliamentary committee. He has been blamed for the negligence of the responsibilities held under S802 by not informing the financial markets in a timely manner the large-scale manipulation of diesel engines which surfaced in the year 2015. These allegations have been strongly refuted by Winterkorn’s attorney claiming that his client never defrauded or injured the shareholders and in his interaction with the parliamentary committee he was being forthright.
This trial has been a product of a trial process that has taken over five years The trail has been delayed severally due to Winterkorn’s health complications. It arrives at a delicate period for Volkswagen which recently proposed deep cost cuts , amid financial headache, on its future in Germany.
The appearance of Winterkorn in court is his first since February when he acted as a witness in the civil case of an investor. He has continually disclaimed any involvement in the decision making processes as to the defeat devices employed to cheat emission test results. For the crime that he committed, Winterkorn could easily lose his freedom and or face fines.