Reuters | Oct 26, 2020 17:35
FRANKFURT (Reuters) - Prosecutors in the German city of Stuttgart have dropped a market manipulation investigation into former Volkswagen (DE:VOWG_p) chief executive Martin Winterkorn, deferring to a criminal case against him in the city of Braunschweig.
Prosecutors in Stuttgart had looked at whether Winterkorn had manipulated markets by delaying the disclosure of VW’s emissions scandal in 2015. VW in September that year admitted using engine control software to cheat U.S. diesel emission tests, battering its share price.
Until his resignation in 2015 in the wake of the scandal, Winterkorn was both CEO of Volkswagen and of the group's main shareholder, Stuttgart-based Porsche SE.
A spokeswoman for the Stuttgart prosecutors said the investigation was dropped because any penalty imposed by the court there would have little significance compared to what could result from the Braunschweig proceedings.
A lawyer for Winterkorn has said his client denies the charges.
Should Winterkorn be acquitted by the Braunschweig court Stuttgart prosecutors may decide to resume their investigation, she said.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.