Finance

Volkswagen to take €2.5bn hit from emissions scandal

Volkswagen to take €2.5bn hit from emissions scandal”

German prosecutors have arrested a second employee of Audi, the carmaker owned by Volkswagen, in a deepening investigation into an emissions- cheating scandal.

German police arrested the former chief of engine development on Wednesday in connection with the vehicle maker's attempt to rig diesel-powered automobiles to deceive emissions testing.

Munich prosecutors have named the person taken into custody as Wolfgang Hatz, former board member at VW unit Porsche. So the brands lose a champion on that front, while other high-ranking VW Group executives with suspected ties to the diesel scandal likely won't be sleeping well for the foreseeable future.

Last year Porsche said no evidence had been found against him.

According to Bloomberg, Hatz was close to former VW chief executive Martin Winterkorn, who has denied any knowledge of the "defeat devices" which allowed vehicles to artificially reduce emissions during tests before their existence was exposed publicly.

A lawyer representing Hatz declined to confirm the arrest and also declined any further comment.

Its shares dropped after the statement and were down 3.1 per cent at the bottom of the German blue-chip DAX index which was up 0.2 per cent.

'Venom' Might Enlist Michelle Williams to Star Opposite Tom Hardy
Venom previously appeared on the big screen, played by Topher Grace in Sam Raimi's Spider-Man 3. The cast also includes Rogue One: A Star Wars Story star Riz Ahmed in an undisclosed role.

America's Got Talent Contestant Evie Clair's Father Dies Days Ahead Of Finale
Even before joining the competition, she has been performing across the USA to raise funds for hospitals and other charities. Wednesday night saw the finale of "America's Got Talent ", where two youngsters stood to win the #Grand Prize of $1 million.

Cuba Reports on Hurricane Maria, Dominica PM Pleas for Help
Maria weakened briefly into a Category 4 storm, but regained strength as a Category 5 after the 5 a.m. advisory around 5:10 a.m. The maximum wind speed of Hurricane Maria is about 260 kilometers per hour (160 miles per hour) or about 70 meters per second.

Announced Friday by the German automaker, the added cost could push Volkswagen's total damages from the scandal past $30 billion.

Up until the most recent charge, VW has set aside €22.6billion euros to cover the costs of fines against them and for vehicle retrofits.

Last year, VW agreed with U.S. authorities to spend up to $15.3 billion to buy back or fix up to 475,000 2.0-litre polluting diesel cars.

Reuters provides more: "In March Munich prosecutors searched offices at the carmaker's Ingolstadt base, where about 44,000 workers are employed, and the premises of Jones Day, a United States law firm hired by VW to lead an investigation into the emissions scandal".

Volkswagen said the extra provisions would be reflected in its third-quarter operating results, which are due to be published on October 27.

USA vehicles rigged with the emissions-cheating technology represent only part of millions of other Volkswagen diesel cars linked to the scandal worldwide.

He was in charge of Audi's engine development from 2001 to 2007 before taking over the role for the entire Volkswagen Group.



Like this

Latest


29 September 2017
IL basketball: No information to suggest involvement in college basketball corruption scheme
As of Tuesday, Boynton had yet to sign his head coaching contract, a university official told the News Press. Of course, we will cooperate with investigators and we look forward to justice being done in this case.

29 September 2017
Max Garcia seeks help for Puerto Rico, where he has family
In the wake of Hurricanes Irma and Maria, the damage in Puerto Rico is leading some North Carolinians to take action. Many people are unable to work or run businesses because there's no electricity, or diesel to fuel generators.

26 September 2017
Man Accused Of Killing Ex-Girlfriend's Son With Hammer
On his second day of third grade at Oakridge Elementary in South Sacramento , 8-year-old Dante Daniels didn't make it to school. Salone sustained an eye injury during the altercation and will "probably never see out of her left eye", Brown said.

26 September 2017
Penn State with literal walk-off win over Iowa
But on fourth down, McSorley stood strong in the pocket and drilled the ball through a crowded end zone and into Johnson's chest. The Hawkeyes turned a short pass to running back Akrum Wadley into a 70-yard score with 10:02 left to close within 15-13.

26 September 2017
Hurricane Maria's devastation of Puerto Rico was barely discussed this weekend
White House officials have signaled that Trump plans to visit Puerto Rico , but an official date has yet to be announced . Ricardo Rossello said 70,000 people could be in danger on the USA territory if the dam failed.

23 September 2017
At $56 Per Barrel, Crude Oil Set for Highest Gain Since 2004
Gulf of Mexico on August 26, shutting down a quarter of the U.S. refining capacity of almost 18 million bpd. The EIA also said total domestic crude output rose by 157,000 barrels a day to 9.510 million barrels a day.

22 September 2017
Israel PM scheduled to meet Egyptian President in NY
After US President Donald Trump assumed office in January, bilateral relations between Egypt and the US significantly improved. The last time that the two leaders met was in secret in April 2016 at Sisi's presidential residence in Cairo.

20 September 2017
Trump plans military parade for Independence Day
This would not be the first military parade the US has held, but there has not been one in D.C.in decades - not since 1991. Pentagon officials expressed reluctance about the plan, and Trump inauguration officials ultimately scrapped the plan.

19 September 2017
Hughes admits Stoke not good enough at Newcastle
When you're playing in a good team, you do well yourself, and fortunately I've managed to get a couple of goals. Rafa Benitez says he's NOT surprised by Newcastle United's start to the season.

19 September 2017
SC to hear plea challenging decision to deport Rohingyas today
The Centre said the Rohingya refugees were illegals and their continuous stay poses a grave security threat. Just a few days ago, India had said that it planned to deport about 40,000 Rohingyas back to Myanmar .



Recommended