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German court opens criminal proceedings against former VW CEO

·1-min read
FILE PHOTO: Former Volkswagen CEO Winterkorn leaves after testifying to a parliamentary committee on the carmaker's emissions scandal in Berlin
FILE PHOTO: Former Volkswagen CEO Winterkorn leaves after testifying to a parliamentary committee on the carmaker's emissions scandal in Berlin

FRANKFURT (Reuters) - A court in Braunschweig, Germany, said on Thursday it had opened proceedings against former Volkswagen <VOWG_p.DE> CEO Martin Winterkorn, examining whether he is guilty of market manipulation as part of the carmaker's emissions scandal.

Winterkorn and other Volkswagen executives face charges for their role in allowing diesel cars with excessive pollution levels to hit the road, and for allegedly failing to inform investors adequately about the extent of the emissions fraud.

The carmaker has paid out more than 30 billion euros ($35 billion) in fines and penalties for cheating emissions tests, which was uncovered by U.S. authorities in September 2015.

The court is examining whether Volkswagen had a duty to inform investors earlier about the size of potential fines. Volkswagen has said the level of the fines was not foreseeable.

On Thursday, a spokesman for the carmaker reiterated the company had fulfilled all disclosure requirements related to the diesel scandal.

Felix Doerr, a lawyer for Winterkorn, said his client rejects the allegations that he failed in his duty to inform markets in a timely fashion.

($1 = 0.8594 euros)

(Reporting by Edward Taylor; Editing by Riham Alkousaa and Mark Potter)