German Prosecutors Charge Former, Current Volkswagen Managers in Works Council Pay Probe

Date : 11/12/2019 @ 1:26PM
Source : Dow Jones News
Stock : Volkswagen AG (VOW)
Quote : 176.2  1.75 (1.00%) @ 4:34PM

German Prosecutors Charge Former, Current Volkswagen Managers in Works Council Pay Probe

Volkswagen (XE:VOW)
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   By Max Bernhard 
 

German prosecutors have charged two former Volkswagen AG (VOW.XE) executives as well as one former and one current manager, alleging breach of trust in relation to the compensation of the German car maker's works council.

The defendants are accused of having granted several members of the works council excessive salaries and bonuses between May 2011 and May 2016 in their roles overseeing human resources at the Volkswagen brand, the Braunschweig public prosecutors office said Tuesday.

The prosecutors allege that this resulted in 5.1 million euros ($5.6 million) in damages for Volkswagen.

 

Write to Max Bernhard at max.bernhard@dowjones.com

 

(END) Dow Jones Newswires

November 12, 2019 08:11 ET (13:11 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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