Ex-Audi CEO Stadler Freed From Jail in Diesel Emissions Case
(Bloomberg) -- German judges allowed former Audi Chief Executive Officer Rupert Stadler to leave the jail where he's been since June, while warning that there's still strong evidence against him in a criminal probe over diesel-emission cheating.
The 55-year-old was told not to contact any potential witnesses in the fraud investigation and must post bail which will be forfeited should he violate the order. The measures were necessary to hedge the risk he may tamper with evidence, the Munich Appeals Court said Tuesday in an emailed statement.
“The court understands that there's still a strong suspicion against him,” the tribunal said in the release. “But the court considers it tenable and justifiable to release him under conditions.”
His release comes after a successful appeal of a lower court ruling from August that kept him in a prison close to the Bavarian town of Augsburg since his June 18 arrest. Audi suspended him shortly after his arrest and on Oct. 2 announced that he left Audi parent company Volkswagen AG, where he served on both executive boards.
Stadler was the highest profile executive detained since the diesel-cheating scandal engulfed Volkswagen nearly three years ago. Throughout the crisis, as sanctions topped 27 billion euros ($31 billion), Volkswagen rejected claims that senior managers such as Stadler were aware of the criminal scheme that stretched over almost a decade.
Audi settled with Munich prosecutors earlier this month for 800 million euros to end the case against the company, while the probes against individual employees and managers continue.
Investigators added Stadler as a suspect at the end of May and raided his home over allegations of fraud and falsifying public documents relating to 2015 sales of diesel cars in Europe. They said his arrest was warranted because in a wire-tapped phone call he suggested putting a witness on leave, showing he was tampering with evidence.
To contact the reporter on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net
To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher Elser, Anthony Palazzo
©2018 Bloomberg L.P.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
