Volkswagen Fined $1.2 Billion in Germany Over Diesel Emissions Scandal

WOLFSBURG, GERMANY – SEPTEMBER 23: Rain clouds are seen over a Volkswagen symbol at the main entrance gate at Volkswagen production plant on September 23, 2015 in Wolfsburg, Germany. Volkswagen CEO Martin Winterkorn and other members of the supervisory board are believed to be meeting inside the headquarters to discuss the Volkswagen Diesel emission scandal, which affects 11 million vehicles worldwide. (Photo by Alexander Koerner/Getty Images)

Prosecutors in Germany have imposed a $1.2 billion fine on Volkswagen for rigging diesel engine emissions worldwide.

The €1 billion ($1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on a scandal that has rocked the company and killed industry sales of diesel cars.

“It is one of the highest fines ever imposed on a company in Germany,” the prosecutor said in a statement.

Volkswagen said it accepted the penalty, which related to inadequate oversight in the department that develops powertrains — engines and transmission systems.

The prosecutor found that the failings resulted in 10.7 million vehicles being sold to customers in the United States, Canada and worldwide “with an impermissible software function in the period from mid-2007 until 2015,” Volkswagen said in a statement.

“Volkswagen accepted the fine and it will not lodge an appeal against it,” it added. “Volkswagen, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome.”

Volkswagen first admitted in 2015 it had rigged millions of diesel engines to cheat on emissions tests.

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SOURCE: CNN, Charles Riley