Friday, 20 September, 2019

German Prosecutors Slap $928 Million Fine On Audi For Diesel Violations

Audi diesel engine Audi hit with €800m in penalties over diesel emissions scandal
Russell Knight | 17 October, 2018, 15:30

Audi has been fined €800m (£700m) for failings that enabled the firm to sell nearly five million diesel with software created to cheat emissions testing.

A premium German auto brand Audi was fined 800 million euros which are around $927 million for violations tied to heavily polluting six- and eight-cylinder diesel engines.

VW was fined for developing and selling polluting four cylinder engines, while prosecutors in Munich at the time said they were examining whether to impose similar fines Audi.

"The administrative proceeding against Audi AG opened because of the diesel scandal is hereby closed in a legally binding way", according to the prosecutors' statement.

Investigators pursued Audi over V6 and V8 engines it built into its own vehicles, VW's own-brand cars and models from fellow subsidiary Porsche, as well as over Audi vehicles fitted with cheating VW-built motors.

Canada legalises recreational use of cannabis
It marks an historic day as adult Canadians will be able to legally smoke recreational marijuana after almost a century-long ban. A household can also grow only four plants and anything over the limit could attract hefty penalty. "There are health concerns".

Judge Approves Elon Musk Settlement With Securities and Exchange Commission
Musk agreed, in the settlement reached on September 29, to step down as chairman of Tesla and pay a $ 20 million fine. Musk's tweet on Thursday received more than 2,500 responses, with some users questioning the billionaire's judgement.

Saudi king orders probe in Khashoggi case, Turkey to search consulate
This statement came after the Saudi stock market plunged by almost 7 percent at one point on Sunday. The drop in the Tadawul exchange in Riyadh happened Sunday, the first day of trading.

In the wake of the news, Audi Group said it would significantly undercut major financial key performance indicators forecasted for the current fiscal year.

In total, the case dealt with nearly 5 million cars worldwide, built between 2004 and 2018.

The penalty came on top of total costs in fines, buybacks and refits of more than €27 million that Volkswagen had to pay out over its emissions cheating scandal.

In total, the case dealt with nearly five million cars worldwide built between 2004 and 2018. Former Audi CEO Rupert Stadler remains in jail while prosecutors investigate individual involvement in the diesel scandal. By accepting the fine, Audi admitted responsibility for its actions in producing vehicles that did not meet regulatory requirements.

Shares in Volkswagen (VLKAF) and Audi (AUDVF) were trading higher on Tuesday.

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