Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

German prosecutors say won't be lenient with Volkswagen

Published 11/07/2016, 14:15
Updated 11/07/2016, 14:20
© Reuters. File photo of signage for a new Volkswagen car seen at a dealership in London
VOWG_p
-

HAMBURG (Reuters) - German prosecutors will grant Volkswagen (DE:VOWG_p) no mitigation for a record vehicle emissions settlement it faces in the United States and want VW to pay them a separate fine, a spokesman said.

Prosecutors in Braunschweig, near Volkswagen's (VW) Wolfsburg headquarters, are demanding VW be fined based on the level of the profits it made from selling about 11 million cars equipped with illicit engine software.

VW last month agreed with the U.S. government and regulators to pay $15.3 billion to get about half a million emissions-cheating diesel cars off U.S. roads.

But the scale of U.S. penalties is no reason to exercise leniency on VW's regulatory offence, a spokesman for the Braunschweig prosecutor's office said on Monday.

"We cannot pay heed to what VW may have to pay in other countries when we go about setting the fine," he said. "We cannot say: 'VW is already requested to pay a lot in the U.S., so let's not be so strict.' That's not possible."

Under Germany's law on regulatory offences, prosecutors are assessing the "economic advantage" VW enjoyed from using cheating software, rather than expensive exhaust filter systems, to manipulate pollution tests, the spokesman said, adding it will be difficult to determine the level of profits VW has reaped from its wrongdoing.

Industry observers in Germany estimate this could result in a fine of several hundreds of millions of euros.

Braunschweig prosecutors, which last month started probing former VW Chief Executive Martin Winterkorn and VW brand chief Herbert Diess over suspicion of market manipulation, declined comment.

Europe's largest automaker confirmed on Monday it has been notified by prosecutors about the latest probe but declined further comment.

The proposed U.S. settlement would move VW close to the 16.2 billion euros (£13.8 billion) it has set aside to cover the costs of the scandal.

© Reuters. File photo of signage for a new Volkswagen car seen at a dealership in London

VW still faces criminal probes in the United States, Germany and South Korea as well as lawsuits from investors around the world suing the carmaker for what they describe as losses incurred after the manipulations were disclosed in September.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.