Volkswagen AG has agreed to plead guilty and pay $4.3 billion in penalties on charges of falsifying import documents and obstructing investigations as part of its diesel emissions scandal. Prosecutors also indicated that they would indict five senior company executives in Germany under charges of conspiracy.
The Wolfsburg-based automaker has been working to resolve outstanding lawsuits and investigations so that it can focus on restoring its reputation with consumers and dealers. To date, the company has committed over $23 billion towards settlements in the U.S. and Canada.
A total of seven people have been charged in connection with the scandal, including Heinz-Jakob Neusser, head of engine development and a member of the management board for the Volkswagen marque. This past weekend, Oliver Schmidt, the company’s liaison with U.S. environmental regulators was arrested as he was returning to Germany following a vacation in Miami.
The U.S. government and Volkswagen officials have been attempting to come to terms on settlements prior to when President-elect Donald Trump takes office on January 20.
Read full article at: Bloomberg »