Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Prosecutors fine Bosch 90 million euros for emissions cheating role

Published 05/23/2019, 07:00 AM
Updated 05/23/2019, 07:00 AM
© Reuters. The Bosch logo is reflected in a semiconductor wafer in Reutlingen

BERLIN (Reuters) - Automotive supplier Bosch has agreed to pay a 90 million euros ($100.21 million) fine for lapses in supervisory duties which enabled carmakers to engage in emissions cheating, German prosecutors in the city of Stuttgart said on Friday.

The auto industry's diesel emissions cheating scandal, where carmakers used engine management control software to throttle back real-world pollution levels during tests, was made possible with the help of Bosch technology, prosecutors said.

Privately-held Bosch, the world's biggest automotive supplier, delivered around 17 million technical devices equipped with engine management software, prosecutors said in a statement.

Bosch has accepted the fine and will not appeal the decision, they added.

Prosecutors imposed a 2 million euros fine for a "regulatory offense" and a further 88 million euros to penalize "economic benefits," Bosch said in a statement on Thursday.

Bosch said, "With the issue of the notice of fine, the investigations conducted by the Public Prosecutor's Office of Stuttgart against Bosch as a supplier of engine control units for diesel engines has been completed."

Volkswagen (DE:VOWG_p) used Bosch software elements to help the carmaker mask illegal pollution in diesel-engined vehicles. Engine management software was used to measure the steering wheel angle to gauge whether the car was on a test bench.

Volkswagen has borne the brunt of penalties and fines for emissions cheating since carmakers, rather than suppliers are responsible for certifying that cars meet clean air rules.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.