Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Canadian prosecutors seek to fine Volkswagen C$196.5 million for diesel emissions

Published 01/22/2020, 03:31 PM
Updated 01/22/2020, 03:31 PM
© Reuters. FILE PHOTO: A Volkswagen logo is seen at a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai

By David Shepardson

(Reuters) - Prosecutors in Canada on Wednesday proposed a $196.5 million (CAD) ($149.5 million) fine against Volkswagen AG (DE:VOWG_p) after the company pleaded guilty to dozens of counts of diesel emissions violations, a company spokesman confirmed on Wednesday.

Volkswagen was charged in December with importing nearly 128,000 vehicles into Canada violating emissions standards. VW pleaded guilty after being charged with 60 counts of breaching the Canadian Environmental Protection Act and providing misleading information. The company said last month it had reached "a proposed plea resolution" without disclosing details.

Volkswagen admitted to using illegal software to cheat U.S. pollution tests in 2015, triggering a global backlash against diesel vehicles that has so far cost it 30 billion euros ($33.3 billion) in fines, penalties and buyback costs. In May 2019, it set aside an additional 5.5 billion euros in contingent liabilities as it continues to face penalties and lawsuits around the world.

Last week, Poland’s consumer watchdog UOKiK said it was fining Volkswagen more than 120 million zlotys ($31.4 million) for misleading customers about the emissions of its vehicles.

($1 CAD = 0.76 USD)

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.