Print Edition - 2018-06-15  |  Money Digest

VW to pay $1 billion euro German fine

BERLIN

Jun 15, 2018-

Auto giant Volkswagen said on Wednesday it would pay a one billion euro ($1.2 billion) fine imposed by German prosecutors for diesel emissions cheating. “The Braunschweig public prosecutor issues an administrative order against Volkswagen AG in the context of the diesel crisis and imposes a fine of EUR1 billion on Volkswagen AG”, the company said in a statement. The German car giant said it had “accepted the fine” and would not lodge an appeal. “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.” The prosecutors said the penalty was “one of the highest fines ever imposed on a company in Germany” and stressed that it was unrelated to civil cases seeking compensation or ongoing criminal investigations against the people involved. (AFP)

Published: 15-06-2018 08:08

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