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Prosecutors Probe Asset Transfers by VW’s Winterkorn
Prosecutors in Germany are investigating whether former Volkswagen CEO Martin Winterkorn shifted some of his assets out of Germany ahead of possible prosecution in the VW diesel emission cheating scandal.
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Prosecutors in Germany are investigating whether former Volkswagen CEO Martin Winterkorn shifted some of his assets out of Germany ahead of possible prosecution in the VW diesel emission cheating scandal.
Bild am Sonntag reports that about €3.4 million ($4 million) of Winterkorn’s assets were transferred at the end of January last year from a bank in Bavaria to an auditor’s office in Munich to a bank in Switzerland.
The transfer occurred two weeks after VW pleaded guilty to civil and criminal penalties in the U.S. involving its rigging of diesel engines to evade emission laws. Soon thereafter, Winterkorn and five other VW executives were charged with conspiracy and wire fraud for covering up the cheating for 16 months before it was publicly revealed in September 2016.
In June, reports indicated VW was mulling whether to seek damages from Winterkorn and other former management board members.
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