Winterkorn's VW pension pot could top 28m euros

[webfact]

Winterkorn's VW pension pot could top 28m euros

WOLFSBURG: -- He’s leaving Volkswagen amid the scandal over widespread emission test fraud – but not entirely empty handed.

Reports say CEO Martin Winterkorn has amassed a pension pot worth over 28 million euros – and may rake in millions more in severance pay following his early departure.

But if the Volkswagen board terminates his employment for a reason for which he is responsible, the severance part is forfeited.

On Wednesday VW declined to comment on how much money the outgoing chief executive stands to get. The estimated value of his pension is based on Volkswagen’s most recent annual report.

Winterkorn denies knowledge of the manipulated tests.

Last year he was reportedly Germany’s second-highest paid CEO last year, receiving a total of 16.6 million euros in compensation from the company and majority shareholder Porsche SE.


-- euronews 2015-09-25

[Toany]

and people complain about corruption in Thailand. This took place with the knowledge of the German government according to the latest reports, If the government was aware of cheat, how can the CEO claim he did not know?

Edited September 25, 2015 by Toany

[lovelomsak]

When I come back reincarnated I want to be a CEO. I could enjoy spending that kind of cash for destroying a company.

[FangFerang]

'Golden Parachutes' like this are the Western version of Thai inactive post positions and the failed prosecution of the elite.

PS: We often laugh at the fines here for elite people who are prosecuted, but in the West millionaires and billionaires are fined much less than they swindle, too.

Every family has their own unique way of being unhappy.

Edited September 25, 2015 by FangFerang

[Toany]

Until people are made to pay for deception in business it will continue. My garage lied to me for 18 months and I eventually got them to pay me 30,000฿ compensation. If you except corruption and deception that is your choice.

[maidee]

it's nice to be CEO, even they put a company into the ground, they will have no shame of raking about a billion baht for not doing their job ?

ceo = psychopath

[Now or Never]

[Jonmarleesco]

'Winterkorn denies knowledge of the manipulated tests.' What total BS! Lucky he's not leaving with a UK pension pot; the lifetime limit would soon cut it down to size.

[elgordo38]

'Winterkorn denies knowledge of the manipulated tests.' What total BS! Lucky he's not leaving with a UK pension pot; the lifetime limit would soon cut it down to size.

Yes pensions are structured that way for the rich. He will more than likely be first in line to get his pension before any other claims are settled. Fup on the job others loose their jobs/money because of your deceit and you make a fake apology and ride off into the sunset with bags of gold. Courts should take every Euro he has his house everything and throw him penny less on to the streets. He is another example of why corporate corruption is so rampant today there are no rules for these fat cats. These crooked CEO's should all be rounded up and like the Hunger Games should be put on an island and supplied with one weapon and left there.This would serve as a deterrent to others. What a wonderful world we live in. Makes me weep in disgust.

Edited September 25, 2015 by elgordo38

[dabhand]

The UK press are reporting that he is due to receive as much as €60m as a severance payout

[wabothai]

It does not matter whether he knew or not, he is the highest tree in the bunch and has to be held financially responsible and loose all benefits, together with all wrongdoers.

The only way CEO's everywhere will get the message.

[squarethecircle]

Read a good analysis via Bill Bonner comparing what happened to the Fannie Mae executive (found "guilty" on Monday) and the VW executive.

VW clearly violated the law, but it is uncertain whether anyone was actually harmed by their actions. They found a way to trick the emissions testing and this resulted in release of extra gases into the atmosphere. Environmentalists and the climate change brigade insist this is destructive but there is contradictory evidence and it is biased by the interests of the climate change brigade.

Fannie Mae clearly violated the law, and as a result hundreds of thousands or millions lost their property and investments and had no choice but to move out of their homes into cheap hotels or rented rooms.

The result? The VW CEO is out of millions and the company is out of hundreds of millions. The Fannie Mae exec got a $10,000 fine, and the court even scratched calling it a "fine" and do not consider the action punitive. Cronyism 101