Volkswagen chief could receive a €60MILLION payoff after stepping down in the wake of the German manufacturer's emissions testing scandal 

• VW has set aside €28m for Martin Winterkorn's retirement, accounts show
• Also in line for possible payout worth two years remuneration of €31m
• Comes as BMW denied claims it rigged its emissions as VW has done
• Diesel emissions on a BMW model 'were 11 times higher than EU norms' 
• Scandal could cost VW billions in class action lawsuits around the world 
• Cars in UK to be re-tested to compare lab results with real-world emissions

By Simon Tomlinson and Corey Charlton for MailOnline

Published: 06:21 EST, 24 September 2015 | Updated: 14:33 EST, 24 September 2015

Golden goodbye: Volkswagen chief executive Martin Winterkorn is in line for a €60million payout despite resigning over the emissions scandal

Volkswagen's chief executive is in line for a €60million pay-off despite resigning over the emissions testing scandal.

Martin Winterkorn stepped down yesterday after taking responsibility for the pollution cheating storm that has engulfed the company and could cost it billions in class-action lawsuits.

According to last year's annual report, the company has set aside €28.5million ($32m) for his retirement, a sum that Winterkorn is entitled to receive.

Added to that is a possible payout for 'early termination' of contract, which is worth 'a maximum of two years remuneration'. 

Winterkorn, who had been at the helm of Volkswagen since the beginning of 2007, drew a salary of €16.6 million in 2014 and €15million in 2013, according to the company's last two annual reports.

That would therefore amount to more than €31million for the man who has been Germany's highest paid executive.

If he obtains the early termination payout, that means the married 68-year-old stands to draw a total of around €60 million after his departure from the company.

It is nevertheless uncertain whether he will get the full sum as 'no severance payment is made if membership of the board of management is terminated for a reason for which the board of management member is responsible'.

The group based in northern Germany's Wolfsburg declined comment on the subject when contacted by AFP news agency.  

In a statement issued to announce his resignation, Winterkorn, said that he accepted his 'responsibility for the irregularities that have been found in diesel engines,' but insisted 'I am not aware of any wrongdoing on my part.'  

'Volkswagen needs a fresh start – also in terms of personnel,' he added. 'I am clearing the way for this fresh start with my resignation.' 

Investors appeared to agree, with VW shares shooting up 7.9 per cent to hit a high of €120.30 in the morning in Frankfurt.  

The steering committee of the group's supervisory board expressly said in its own separate statement that Winterkorn 'had no knowledge of the manipulation of emissions data.'

Rumours of potential successors circulated widely on German media but it seems likely the new boss will come from one of the sprawling family of brands that make up the group.

The global empire owns brands such as SEAT in Spain, Skoda in the Czech Republic, Audi and Porsche in Germany, Lamborghini in Italy and Bentley in Britain.

BMW today denied claims it had cheated on emission tests similar to that which its rival Volkswagen has admitted to doing

Three men appear to have emerged as candidates.

Matthias Mueller, the 62-year-old head of the luxury sports car maker Porsche, had already been tipped to replace Winterkorn during the latter's bitter feud with his one-time mentor and former supervisory board chief Ferdinand Piech this year.

Herbert Diess, 56, a defector from rival maker BMW who is currently head of the VW brand and has a reputation as a cost-killer, has been mooted as possible candidate.

The 52-year-old head of VW's luxury brand Audi, Rupert Stadler, is also said to be in the running.

The revelations came as car manufacturer BMW was forced to deny claims it had also cheated on emission tests. 

The accusation sent BMW's shares into a tailspin on the Frankfurt stock exchange as spooked investors fear other manufacturers are involved in the massive pollution scam at Volkswagen.

But its denial – in response to a report by German magazine Auto Bild – only moved to further push down share prices. 

VW has already admitted fixing 'defeat devices' on its diesel cars in America to make them appear more green during emissions tests.

In today's statement, BMW said: 'The BMW group does not manipulate or rig any emissions tests. We observe the legal requirements in each country and adhere to all local testing requirements. 

'When it comes to our vehicles, there is no difference in the treatment of exhaust emissions whether they are on rollers [testing situations] or on the road,' BMW said.

'We are not familiar with the test mentioned by Auto Bild concerning the emissions of a BMW X3 during a road test.'

Growing scandal: German Transport Minister Alexander Dobrindt speaks with German Chancellor Angela Merkel after addressing the Bundestag, the lower house of parliament in Berlin. He said today that Volkswagen had admitted to manipulating emissions tests in Europe as well as the United States

According to Auto Bild, one of BMW's diesel cars produced dangerous gases that exceed EU anti-pollution limits.

The magazine stated: 'Volkswagen is not the only carmaker whose cars produce high levels of nitrogen oxide.'

It quoted road tests carried out by the International Council on Clean Transportation (ICCT) which found that BMW's X3 xDrive equipped with 20d diesel motors produce gas emissions that are 11 times higher than European limits.

The ICCT's Peter Mock was quoted as saying: 'All these data show that the problem is not specific to VW.'

Meanwhile, scandal-hit Volkswagen has admitted manipulating emissions tests in Europe as well as the United States, Germany's transport minister said today. 

The revelation comes as the auto giant searched for a new chief executive to steer it out of the global pollution cheating storm that could cost it billions of pounds in legal claims. 

German transport minister Alexander Dobrindt today confirmed the scandal had spread to Europe.

'We have been informed that also in Europe, vehicles with 1.6 and 2.0 litre diesel engines are affected by the manipulations that are being talked about', he said, adding it was unclear how many vehicles in Europe were affected.

Deep trouble: Although Volkswagen has put aside £5billion to cope with the global recall of some 11million vehicles, experts warn the final bill could force the company into bankruptcy

British motorists are preparing a blockbuster lawsuit as suspicions grow that hundreds of thousands of vehicles fitted with the 'defeat devices' are on Britain's roads. 

Mr Dobrindt also said random tests would be conducted on cars made by manufacturers other than VW.

He added: 'It is clear that the Federal Office for Motor Traffic will not exclusively concentrate on the VW models in question but that it will also carry out random tests on vehicles made by other carmakers.'   

Angela Merkel also became embroiled in the Volkswagen scandal yesterday as opposition politicians in Germany said her government knew in advance about the firm fiddling its emissions results.

The German Green Party said ministers knew in the summer about Volkswagen rigging emissions tests but that 'tricks and deceits' were 'accepted with a wink'. 

Oliver Krischer, the party's deputy leader, told Germany's N24 television channel: 'The government told us in July that it knew about this software, which has been used in the USA, and it's clear they knew the software was widely in use.'