DHAKA: Volkswagen is to pay a dozen current and former senior managers a total of about €63m ($71m) for 2015, despite reporting record annual losses following its emissions scandal.

The carmaker said it would withhold a portion of bonus payments for now, but could award them at a later date, reports the BBC.

Last year VW admitted to cheating on diesel emissions tests, with net losses for 2015 reaching €5.5bn.

Chief executive Matthias Mueller apologized for the firm's actions.

At a press conference, he acknowledged that the carmaker "disappointed many people who trusted Volkswagen".

Mueller has been promised a 2015 pay package of €4.76m, of which €880,000 has been postponed.

Meanwhile former chief executive Martin Winterkorn, who resigned in the wake of the scandal, agreed to delay 30% of his variable pay but will still collect a total of €7.3m.

Hans Dieter Posch will receive €5.2m for his previous work as chief finance officer, as well as fixed pay of €13.4m for his new role chairing Volkswagen's supervisory board.

BDST: 1757 HRS, APR 28, 2016
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