German Prosecutors Continue Probing Volkswagen Works Council Pay After Charging Individuals

Date : 11/12/2019 @ 3:19PM
Source : Dow Jones News
Stock : Volkswagen AG (VOW3)
Quote : 171.64  -5.88 (-3.31%) @ 4:35PM

German Prosecutors Continue Probing Volkswagen Works Council Pay After Charging Individuals

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   By Max Bernhard 
 

German prosecutors said Tuesday they are continuing to probe the compensation of Volkswagen AG's (VOW.XE) works council, after having charged two former executives as well as one former and one current manager in relation to the matter.

Investigations into the matter are continuing, in particular against Bernd Osterloh, the car maker's current works council chief on suspicion of aiding and abetting breach of trust, a spokesman for the Braunschweig public prosecutors office said Tuesday.

The Volkswagen works council didn't immediately reply to a request for comment.

Volkswagen said in a statement that no criminal misconduct could be identified in connection with determining the remuneration of individual works council members. "In addition, we would like to point out that the charges brought by the public prosecutor's office in Braunschweig are not against Volkswagen AG but against individuals," it said.

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 earlier on 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 10:04 ET (15:04 GMT)

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


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