This is a step that I have pointed out as coming next!
Next is NOW!
VW admitted to fraud under former execs & paid huge fines. Now VW is demanding that former board members pay them back for the losses!
Screenshots from a translated version of the article!
#ButNothingsHappening
Former CEO who resigned in 2015 over the scandal has recieved a demand to pay over one billion Euro to compensate VW for his misconduct!
4 other former execs are also in the crosshairs for smaller amounts. But VW is expecting insurance companies who provided executive liability insurance to pay up a 1/2 of that billion Euro. Which obviously will be a huge hit to the insurance companies.
Which will motivate the insurance companies to force better conduct by insured execs & companies in the future...
It may also lead the insurance companies to investigate & prove criminal conduct by the execs to invalidate the insurance coverage! They will collect the #receipts!
Several of the execs have been indicted for fraud & now the insurance companies have at least 1/2 a billion reasons to hand over the evidence of their guilt!
In the past, executives have gotten away without taking too big of a hit. But by seeking amounts that max out the insurance policies at VW, Audi & Porshe it will motivate the insurance companies to shift the blame to the executives!
VW is blaming their former CEO for his inaction after the date they can prove he knew of the fraud to rig diesel engine emissions & MPG tests to deceive US regulators!
VW focuses only on the last 8 weeks they can prove he knew about it, hoping they can find the #receipts to show he knew long before he testified he knew about it. The paper does note the insurance companies can get off the hook for the cash if the execs get convicted.
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