Handelsblatt Exclusive

Sources: VW Wants Money from Former CEO

FILE PHOTO: Martin Winterkorn, chief executive officer of Volkswagen AG, reacts during an earnings news conference at the company's headquarters in Wolfsburg, Germany, on Monday, March 12, 2012. Volkswagen said 11 million vehicles were equipped with diesel engines at the center of a widening scandal over faked pollution controls that will cost the company at least 6.5 billion euros ($7.3 billion). Photographer: Michele Tantussi/Bloomberg *** Local Caption *** Martin Winterkorn
Martin Winterkorn when he was still CEO of Volkswagen.
  • Why it matters

    Why it matters

    • VW may file claims through an insurance policy intended to cover losses caused by management errors. If it does, it will be tantamount to admitting that top management knew about VW’s emissions-rigging scandal.
  • Facts


    • Volkswagen holds a €500 million directors and officers insurance policy from an insurer group that includes Zurich and Allianz.
    • The diesel emissions scandal has already cost the company more than €16 billion.
    • The VW supervisory board has stated that it was unaware of any serious breaches of duty by current or former members of the board of management.
  • Audio


  • Pdf

Volkswagen is negotiating with its former chief executive Martin Winterkorn to pay money to the carmaker over its diesel emissions scandal, people familiar with the matter told Handelsblatt.

Volkswagen, which admitted last September it had rigged the engines of around 11 million diesel cars worldwide, declined to comment.

On being approached for comment, Mr. Winterkorn’s lawyer, Kersten von Schenck, said: “As a rule, we do not provide any information.”

Mr. Winterkorn resigned days after the scandal became public last year but he is still on VW’s pay list until his contract officially expires at the end of this year.

Want to keep reading?

Subscribe now or log in to read our coverage of Europe’s leading economy.