MUNICH -- Former Volkswagen AG CEO Bernd Pischetsrieder agreed to donate 100,000 euros ($139,000) to charities to settle tax evasion charges brought against him, the Munich Regional Court said.
Pischetsrieder went on trial on Monday, accused of evading more than 230,000 euros in taxes between 2000 and 2003 by transferring interest on loans for one property he owned to other properties.
He told the court that he hadn't hidden anything or set out to evade taxes.
Pischetsrieder was CEO of Volkswagen's Spanish subsidiary, Seat, and a member of the VW Group management board responsible for quality management from 2000 to 2002. In 2002, he succeeded Ferdinand Piech as CEO of VW Group.
Piech was promoted to chairman of VW Group. In late 2006, Pischetsrieder left the company due to a conflict with Piech. Pischetsrieder was replaced by Martin Winterkorn, who still heads VW Group.
Before going to VW, Pischetsrieder was CEO of BMW AG from 1993 to 1999.
Sources: Bloomberg, media reports