Munich II public prosecutor concludes regulatory offences proceedings by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility
Ad hoc Release
16-Oct-2018 / 10:41 CET/CEST
- 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.