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News VW fined 1 bln euros by German prosecutors over emissions cheating

11:12  16 june  2018
11:12  16 june  2018 Source:   reuters.com

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BERLIN (Reuters) – Volkswagen (VOWG_p.DE) was fined 1 billion euros ($ 1 .18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company, public prosecutors said on Wednesday.

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a close up of a logo: FILE PHOTO: Volkswagen sign is seen during the annual earnings news conference of VW in Berlin in Berlin © REUTERS/Hannibal Hanschke FILE PHOTO: Volkswagen sign is seen during the annual earnings news conference of VW in Berlin in Berlin

Volkswagen was fined 1 billion euros ($1.18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company, public prosecutors said on Wednesday.

The German fine follows a U.S. plea agreement from January 2017 when VW agreed to pay $4.3 billion to resolve criminal and civil penalties for installing illegal software in diesel engines to cheat strict U.S. anti-pollution tests.

"Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome," it said in a statement.

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BERLIN (Reuters) – Volkswagen (VOWG_p.DE) has been fined 1 billion euros ($ 1 .18 billion) by public prosecutors in Germany over diesel emissions cheating and said it will accept the fine , therefore admitting responsibility for the scandal.

Volkswagen was fined one billion euros ($ 1 .18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company, public prosecutors said on Wednesday.

The prosecutor's office in Braunschweig ordered the fine against the carmaker for organisational deficiencies in supervision which failed to prevent "impermissible software functions" from being installed in 10.7 million cars between 2007 and 2015.

"The Prosecutor's Office in Braunschweig ascertained a violation of supervisory duties," the prosecutor's office said in a statement, adding that the fine did not address civil claims or claims by vehicle owners.

The 1 billion fine does however end regulatory offence proceedings against Volkswagen, which the Wolfsburg-based carmaker said it assumed would help to settle further administrative proceedings against VW in Europe.

Analysts at Evercore ISI said this fine would likely help end all criminal investigations against VW in Europe, but would not settle shareholder lawsuits.

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BERLIN, June 13 (Reuters) - Volkswagen was fined one billion euros ($ 1 .18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company, public prosecutors said on Wednesday.

Volkswagen was fined 1 billion euros ($ 1 .18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company, public prosecutors said on Wednesday.

The new fine was not included in 28.5 billion euros of provisions that VW set aside for the diesel cheating scandal, and would hit earnings, Evercore ISI said.

Volkswagen said it held a board meeting to discuss the crisis with members of the supervisory board also being informed.

Volkswagen's new Chief Executive Herbert Diess said further steps were needed by the company to overcome its diesel cheating scandal and to restore trust in the company.

The fine by Braunschweig comes after prosecutors in Munich on Monday widened an emissions cheating probe into Volkswagen's luxury carmaker Audi to include the brand's Chief Executive Rupert Stadler among the suspects accused of fraud and false advertising.

($1 = 0.8488 euros) (Reporting by Edward Taylor and Andreas Cremer Editing by Victoria Bryan and Edmund Blair)

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Mazda, Suzuki Admit to Cheating on Emissions and Fuel Economy Testing .
Nikkei goes on to name motorcycle maker Yamaha as another suspected cheater.The Japanese publication said the cheating was found "on samples of manufactured vehicles selected during the quality assurance process." While Wednesday's report is light on specifics, Nikkei said the country's Ministry of Land, Infrastructure and Transport will release full details about the latest scandal on Thursday.

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