Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Audi ex-boss becomes first VW board member sentenced over diesel scandal

Published Jun 27, 2023 03:25AM ET Updated Jun 27, 2023 08:59AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Rupert Stadler, former CEO of German car manufacturer Audi, sits in a regional courtroom in Munich, Germany, May 16, 2023. Stadler plans to plead guilty in connection with the 'Dieselgate' emissions cheating scandal. Matthias Schrader/Pool via
 
VOWG_p
+1.31%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Jörn Poltz

(Reuters) - Former Audi boss Rupert Stadler was handed a suspended sentence of one year and nine months by a Munich court on Tuesday for fraud in the 2015 diesel scandal, becoming the first former Volkswagen (ETR:VOWG_p) board member to receive such a sentence.

The ex-boss was fined 1.1 million euros ($1.20 million), which will go to the state treasury and non-governmental organisations, the court said.

Further ongoing cases include a criminal case against other former managers of Volkswagen taking place in Braunschweig, and a case against former Volkswagen boss Martin Winterkorn on hold due to problems with his health.

Stadler's sentence is in the middle of the 1.5-2 year timeframe the judge had said the former CEO would face if he confessed to the charge.

The case is among the most prominent in the aftermath of the diesel scandal, when parent group Volkswagen and Audi admitted in 2015 to having used illegal software to cheat on emissions tests.

Stadler was accused of failing to stop the sale of the manipulated cars in Germany after the scandal became known.

He had previously rejected the allegations.

But speaking on Stadler's behalf in May, his lawyer Ulrike Thole-Groll said that while he did not know that vehicles had been manipulated and buyers had been harmed, he recognised it was a possibility and accepted that there he should have taken more care.

Prosecutors had originally wanted a 2-million-euro fine, citing Stadler's salaries at Audi and Volkswagen and his financial and real estate assets.

Two further defendants accused of manipulating motors -former Audi executive Wolfgang Hatz, and engineer Giovanni P. - were sentenced on Tuesday, with Hatz facing a two-year suspended sentence with a 400,000 euro fine and Giovanni P. a year and nine months and a 50,000 euro fine.

The prosecutor's office and the accused can appeal until July 4.

($1 = 0.9141 euros)

Audi ex-boss becomes first VW board member sentenced over diesel scandal
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email