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A judge has refused to grant bond to a Volkswagen executive who was arrested in the company's US emissions scandal while on vacation in Miami in January. The decision today by a Detroit federal judge means Oliver Schmidt will remain locked up while his criminal case moves through court. Schmidt said he was able to put up USD 1.6 million in assets to ensure that he would stay in the Detroit area and return to court for subsequent hearings.
But Judge Sean Cox sided with prosecutors, who warned that Schmidt would be out of reach if he's released and somehow flees to Germany. Schmidt is charged in Volkswagen's scheme to circumvent US emissions rules on diesel vehicles. Volkswagen pleaded guilty last week.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)