DGAP-Adhoc: VOLKSWAGEN AG: Munich II public prosecutor concludes regulatory offences proceedings against AUDI AG by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility
DGAP-Ad-hoc: VOLKSWAGEN AG / Key word(s): Miscellaneous
VOLKSWAGEN AG: Munich II public prosecutor concludes regulatory offences proceedings against AUDI AG by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility
16-Oct-2018 / 10:41 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Munich II public prosecutor concludes regulatory offences proceedings against AUDI AG by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility
Administrative order against AUDI AG imposes a fine of EUR 800 million due to deviations from regulatory requirements in the context of certain V6 and V8 diesel aggregates and diesel vehicles manufactured or distributed by AUDI AG
Another important proceeding in connection with deviations from regulatory requirements by Volkswagen group diesel vehicles will thus be finally terminated
Fine will directly affect Volkswagen AG's financial earnings and, as a negative special item, reduce the group earnings of Volkswagen AG accordingly
The Munich II public prosecutor today issued an administrative order against AUDI AG in its capacity as affected party (Betroffene) pursuant to sections 30 para. 1, 130 para. 1 of the German Act on Regulatory Offences (Ordnungswidrigkeitengesetz - OWiG) in the context of deviations from regulatory requirements in certain V6 and V8 diesel aggregates and diesel vehicles manufactured or distributed by AUDI AG. The administrative order provides for a fine of EUR 800 million in total, consisting of the maximum penalty as legally provided for of EUR 5 million for negligent regulatory offences and the disgorgement of economic benefits (Abschöpfung wirtschaftlicher Vorteile) in the amount of EUR 795 million. AUDI AG has accepted the fine. By the issuance of the administrative order further important proceedings in connection with deviations from regulatory requirements by Volkswagen group diesel vehicles will be finally terminated, following the regulatory offence proceedings by the Brunswick public prosecutor. As AUDI AG is a fully consolidated subsidiary of Volkswagen AG and, therefore, is included in the group financial statement of Volkswagen AG, the fine will directly will directly affect Volkswagen AG's financial earnings and, as a negative special item, reduce the group earnings for fiscal year 2018 accordingly.
16-Oct-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
VOLKSWAGEN AG
Berliner Ring 2
38440 Wolfsburg
Germany
Phone:
+49 (0)5361 9 - 49840
Fax:
+49 (0)5361 9 - 30411
E-mail:
oliver.larkin@volkswagen.de
Internet:
www.volkswagenag.com/ir
ISIN:
DE0007664039, DE0007664005
WKN:
766403, 766400
Indices:
DAX, Euro Stoxx 50
Listed:
Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; Luxembourg Stock Exchange, SIX
End of Announcement
DGAP News Service
733877 16-Oct-2018 CET/CEST