Tough information in the VW emissions scandal
Winterkorn drives plaintiffs to despair
February 27, 2024, 5:13 p.m
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The diesel scandal cost Volkswagen 30 billion euros and former boss Winterkorn his job. Investors claim losses of 4 billion euros. In court, the questioning of “Mr. Volkswagen” is so tough that even the judge’s patience breaks.
In the billion-dollar investor lawsuit surrounding the VW diesel affair, the plaintiffs tried to confront former CEO Martin Winterkorn with what they saw as contradictory information. Lawyer Axel Wegner in Braunschweig said they were not happy with the 76-year-old’s answers so far because he did not describe certain processes plausibly enough. Winterkorn did not respond to the accusation and continued to patiently answer the plaintiff’s questions. “If you ask me that specifically, I have to go further,” he said in one case.
The questioning of the former company boss about the emissions manipulation at the Wolfsburg car manufacturer already lasted the third day of negotiations. The few observers described the process as “now very tough”. By “What did you mean exactly?” or “I can’t understand it,” Winterkorn should always repeat statements that have already been made.
The top manager, who became known as “Mr. Volkswagen”, has been invited as a witness in the civil proceedings before the Braunschweig Higher Regional Court. The process under the Capital Investor Model Procedure Act (KapMug) has been negotiating since 2018 about possible compensation for investors who suffered price losses after the scandal was exposed. It is currently around 4.4 billion euros. The model plaintiff is the savings bank fund company Deka Investment, the defendants are Volkswagen AG and the umbrella holding company Porsche SE.
It continues on Wednesday
The scandal cost VW more than 30 billion euros and Winterkorn’s job in 2015. The 76-year-old had already clearly denied responsibility for the manipulation at the beginning of the interrogation in the Braunschweig town hall. “I believe these allegations are inaccurate,” he said in an opening statement in mid-February. He was referring to the two criminal proceedings that are also pending against him in Braunschweig.
Even judge Christian Jäde reacted harshly to a lawyer’s introduction, “I have to bother you again.” “Just ask your question,” he demanded. In part, Winterkorn himself asked back: “What is the question?” Or he began his answer with: “I can only repeat myself.” In addition, the day of the hearing was characterized by legal disputes between the parties. The survey did not end in the afternoon. Winterkorn is scheduled to answer further questions on Wednesday.
The VW Group reiterated its view on the central questions of the proceedings on Tuesday. “We are convinced that Volkswagen AG has fulfilled its obligations under capital market law at all times,” said a spokesman. From the company’s perspective, the ongoing evidence collection and witness interviews confirm this. “Volkswagen considers the pending investor lawsuits to be unfounded,” said the spokesman.