VW fined one billion euro by German prosecutors over dieselgate

BERLIN (Reuters) – Volkswagen (VOWG_p.DE) has been fined 1 billion euros ($1.18 billion) by public prosecutors in Germany over diesel emissions cheating and said it will accept the fine, therefore admitting responsibility for the scandal.

A Volkswagen logo is pictured during the Volkswagen Group’s annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt

“Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome,” it said in a statement on Wednesday.

Reporting by Victoria Bryan; Editing by Edward Taylor

JEFFREY LIPTON in BARBADOS – http://feeds.reuters.com/~r/reuters/businessNews/~3/sU6UaBCy0lA/vw-fined-one-billion-euro-by-german-prosecutors-over-dieselgate-idUSKBN1J92AI

Author: JEFFREY LIPTON BARBADOS