Volkswagen fined $1.18B for diesel emissions cheating
14 June, 2018, 06:13 | Author: Eric Barnett
Volkswagen has been handed a €1 billion (£880m) fine by Germany's Brunswick public prosecutor for cheating diesel emissions tests. "Volkswagen, by doing so, admits its responsibility for the diesel crisis".
The scandal, which came to light in the USA in 2015 after VW admitted to circumventing the emissions control system there for diesel vehicles sold since 2009, has so far cost the German automaker $4.3bn (£3bn) in federal penalties over there.
The latest billion-dollar fine follows the car-maker being found guilty for similar offences in the USA, where VW agreed to pay $US4.3 billion ($A5.7b) to resolve both a criminal and civil charge.
"It is one of the highest fines ever imposed on a company in Germany", the prosecutor said in a statement.
The prosecutor's office in Braunschweig ordered the fine against the carmaker for organisational deficiencies in supervision that failed to prevent "impermissible software functions" from being installed in 10.7m cars between 2007 and 2015. The settlement of the criminal case will have a positive impact on other proceedings in Europe, the company said.
The company's statement also noted that paying the fine would end "active regulatory offense proceedings" by the public prosecutor. The carmaker's new chief executive, Herbert Diess, and the group's chairman Hans Dieter Poetsch are still being investigated by Braunschweig prosecutors for suspected market manipulation.
Volkswagen said it held a management board meeting to discuss the latest development in its emissions crisis with members of the supervisory board also being informed.
"The fact that the criminal risk has now been dealt with is good news", said Arndt Ellinghorst, an analyst with Evercore ISI.
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