Bulletin
Investor Alert

New York Markets Open in:

Associated Press Archives | Email alerts

Nov. 12, 2019, 1:07 p.m. EST

Volkswagen managers charged with overpaying employee council members and costing the company $5.6 million

They are accused of granting five members excessive salaries and bonuses from 2011 to 2016

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Volkswagen AG 1/10th ADR (VWAGY)

or Cancel Already have a watchlist? Log In

By Associated Press


Associated Press
Volkswagen cars are lifted inside a delivery tower in Wolfsburg, Germany.

BERLIN (AP) — German prosecutors say they have charged four current and former personnel managers at Volkswagen /zigman2/quotes/204431732/delayed VWAGY +0.62%   over the payment of allegedly excessive salaries and bonuses to members of the automaker’s influential employee council.

Prosecutors in Braunschweig said Tuesday that the four — two former management board members, along with one current and one former senior manager, whom they didn’t identify by name — were charged with breach of trust.

They are accused of granting five members of the employee council, including its head, excessive salaries and bonuses between 2011 and 2016.

Prosecutors allege that the former and current managers disregarded legal requirements in determining the payments. They say that their decisions cost Volkswagen 5.05 million euros ($5.57 million).

The case is separate from various legal proceedings related to Volkswagen’s diesel emissions scandal.

/zigman2/quotes/204431732/delayed
US : U.S.: OTC
$ 19.42
+0.12 +0.62%
Volume: 56,386
Dec. 6, 2019 3:58p
P/E Ratio
6.46
Dividend Yield
N/A
Market Cap
$57.31 billion
Rev. per Employee
$418,728
loading...

This Story has 0 Comments
Be the first to comment
More News In
Economy & Politics

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.