Audi has agreed to pay an €800-million (that's about R13,2-billion) fine for its role in the Volkswagen Group's diesel emissions scandal, admitting its "responsibility for deviations from regulatory requirements".
The penalty is made up of the maximum fine of five million euros and the seizure of €795 million in profits the carmaker received selling the engines with rigged software, according to Munich prosecutors. As a result of the administrative order imposing the fine, "the active regulatory offense proceedings conducted by the Munich II public prosecutor against Audi AG will be finally terminated".
Investigators pursued Audi over V6 and V8 engines it built into its own vehicles, VW's own-brand cars and models from fellow subsidiary Porsche as well as over Audi vehicles fitted with cheating VW-built engines. The one time "special items" hit will see the company significantly undercut major financial key performance indicators forecasted for the fiscal year 2018. The division of Volkswagen has accepted the 800 million euros fine, and the case is now closed, in Germany at least.
VW admitted in 2015 to building so-called "defeat devices" into 11 million cars worldwide, in a massive cheating scandal dubbed "dieselgate".
Netflix shares soar after record growth
Its global business added almost 5.9 million subscribers, compared with the average analyst estimate of 4.5 million. Netflix added 1.1 million subscribers in its domestic market, above the 674,000 additions forecast.
Volkswagen cancelled the contract of Audi Chief Executive Rupert Stadler earlier this month who is under inquiry for suspected association in emissions cheating.
Prosecutors said the failure of proper corporate oversight by Audi AG enabled deliberate wrongdoing by individuals.
The cheating emissions case covered around 4.9 million Audi cars sold in Europe, the United States and elsewhere between 2004 and 2018.
Despite Tuesday's agreement, other probes against individual managers and executives from the VW group remain open.