Published: Thu, June 14, 2018
Money | By Ralph Mccoy

Dieselgate: Volkswagen fined €1 billion by German government

Dieselgate: Volkswagen fined €1 billion by German government

The state prosecutor in the German city of Braunschwieg just hit Volkswagen with a fine of €1 billion ($1.2 billion) for the diesel scandal. Then, the automaker agreed to pay $4.3 billion to resolve both civil and criminal penalties relating to the installation of illegal software that allows its vehicles to circumvent USA emission tests. The one-billion-euro fine is one of the highest fines ever imposed by German authorities against a company, according to Reuters.

In response to the fine, Volkswagen has confirmed it will not launch an appeal but says it now considers all further proceedings against it in Europe will be settled.

Volkswagen's diesel emission scandal started back in September 2015, and it's still ongoing today.

Also happening this week is German prosecutors widening its emissions cheating probe to include Audi and its Chief Executive Rupert Stadler.

Anthony Martial wants to leave Manchester United, says agent
Martial could secure a transfer away from United sooner than expected after being excluded from the France World Cup squad this summer.

North America to Hold the 2026 FIFA World Cup
President Donald Trump, who combined support for the bid with a veiled threat to those that planned to vote for competing offers. What surface will the tournament be played on? "We know that we have the best stadium in the country", Iveson said.

Trump nominated for Nobel Peace Prize
Trump sat down with Kim on Tuesday for the first meeting between a sitting USA president and North Korean leader in history. So while Trump and Kim could be among the 330 nominees for 2018, an award linked to North Korea may be more likely in 2019.

The prosecutor's office in Braunschweig ordered the fine against the carmaker for organizational deficiencies in supervision which failed to prevent "impermissible software functions" from being installed in 10.7 million cars between 2007 and 2015. This however concludes the regulatory offence proceedings against Volkswagen, which the automaker said would help in settling further administrative proceedings against itself in Europe, the report said.

"We work with vigour on dealing with our past", VW CEO Herbert Diess said in a separate statement.

Hausfeld represents aggrieved VW owners and shareholders on both sides of the Atlantic.

The €1 billion ($1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on emissions cheating. "Further steps are necessary to gradually restore trust again in the company and the auto industry".

Like this: