BREAKING
Encompass Health Corporation reports Q4 2025 results, issues 2026 guidance 8 hours ago Graham Corporation Expands Capabilities Across Defense, Energy, and Space Markets 8 hours ago Graham Corporation Sees Robust Q3 on Defense Momentum and FlackTek Integration 8 hours ago Biogen’s Q4 FY25 adj. earnings decline, but beat estimates; revenue down 7% 9 hours ago Infographic: How Philip Morris (PM) performed in Q4 2025 financial results 9 hours ago Abbott reports positive results from study on its atrial fibrillation therapies 10 hours ago Atmus Welcomes Heath Sharp to Board of Directors 12 hours ago Cboe Global Markets Q4 2025 adj. earnings jump on record high revenues 12 hours ago Zurn Elkay beats fourth quarter estimates, forecasts growth for 2026 2 days ago Yum China Reports Fourth Quarter and Full Year 2025 Financial Results 2 days ago Encompass Health Corporation reports Q4 2025 results, issues 2026 guidance 8 hours ago Graham Corporation Expands Capabilities Across Defense, Energy, and Space Markets 8 hours ago Graham Corporation Sees Robust Q3 on Defense Momentum and FlackTek Integration 8 hours ago Biogen’s Q4 FY25 adj. earnings decline, but beat estimates; revenue down 7% 9 hours ago Infographic: How Philip Morris (PM) performed in Q4 2025 financial results 9 hours ago Abbott reports positive results from study on its atrial fibrillation therapies 10 hours ago Atmus Welcomes Heath Sharp to Board of Directors 12 hours ago Cboe Global Markets Q4 2025 adj. earnings jump on record high revenues 12 hours ago Zurn Elkay beats fourth quarter estimates, forecasts growth for 2026 2 days ago Yum China Reports Fourth Quarter and Full Year 2025 Financial Results 2 days ago
ADVERTISEMENT
Market News

Former Volkswagen CEO indicted over emissions scandal

The US Justice Department indicted Volkswagen’s former CEO Martin Winterkorn for conspiring with fellow executives to cover up the diesel emissions fraud. The conspiracy is said to have gone all the way up to the company’s topmost ranks. Winterkorn had earlier stated that he was not aware of the cheating and would have stopped it […]

May 7, 2018 2 min read

The US Justice Department indicted Volkswagen’s former CEO Martin Winterkorn for conspiring with fellow executives to cover up the diesel emissions fraud. The conspiracy is said to have gone all the way up to the company’s topmost ranks.

Winterkorn had earlier stated that he was not aware of the cheating and would have stopped it if he had known about it. However, prosecutors claim that Winterkorn had known about the issue but agreed with colleagues to continue with the fraud and deception of US regulators.

Volkswagen had admitted to using software that enabled to cheat emission tests in millions of its diesel vehicles. The pollution controls in the vehicles would work in testing labs and then get turned off while on the road causing the vehicles to emit high levels of toxic gases.

Winterkorn, who resigned shortly after news of the scandal broke out in 2015, is currently in Germany, which has a no-extradition policy to non-EU countries. Even though his chances of facing trial in the US are slim, he can still be prosecuted in Germany. German officials are investigating the former chief and are cooperating with US officials on the matter.

Along with Winterkorn, around 39 people are being investigated in the emissions scandal. Winterkorn could get up to five years in prison on the conspiracy charge and up to 20 years on wire fraud charges along with hefty fines. Last year, Volkswagen was fined $2.8 billion for defrauding US regulators.

ADVERTISEMENT
ADVERTISEMENT