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illuminem summarizes for you the essential news of the day. Read the full piece on BBC News or enjoy below:
🗞️ Driving the news: Former Volkswagen CEO Martin Winterkorn has gone on trial in Germany, facing charges of fraud, market manipulation, and perjury over the "dieselgate" emissions scandal
• The trial comes nine years after Volkswagen was exposed for using software to cheat emissions tests
Winterkorn, who stepped down shortly after the scandal broke in 2015, denies any wrongdoing
🔭 The context: The "dieselgate" scandal erupted in 2015 when the U.S. Environmental Protection Agency revealed that Volkswagen had installed "defeat devices" in diesel cars to pass emissions tests while emitting illegal levels of pollution in real-world driving
• Over nine million vehicles were affected, costing Volkswagen more than €30 billion in fines, recalls, and compensation
• Winterkorn is accused of deceiving customers and investors, and of giving false testimony to a parliamentary committee
🌍 Why it matters for the planet: The scandal highlighted widespread issues of corporate dishonesty in the automotive industry and led to stricter emissions regulations and a shift towards electric vehicles
• It brought global attention to the environmental impact of diesel emissions and the need for transparency and accountability in tackling climate change
⏭️ What's next: Winterkorn could face up to 10 years in prison if found guilty. His trial may set a precedent for holding corporate leaders accountable for environmental fraud
• Other Volkswagen executives have faced legal action and fines, and the outcome of this trial will likely influence future cases and corporate governance standards
💬 One quote: Winterkorn’s lawyers argue, “Our client did not defraud or harm anyone, he did not deliberately leave the capital market in the dark,” as they maintain his innocence in the emissions scandal
📈 One stat: The "dieselgate" scandal has already cost Volkswagen over €30 billion in fines, recalls, and compensations
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