Yahoo Finance Daimler fined €870m in 'dieselgate' investigation in Germany
German luxury carmaker Daimler was fined €870m (£766m, $957m) by a Stuttgart court on Tuesday in connection with the diesel-emissions scandal.
The court ruled that Daimler had neglected to carry out its supervisory duties from 2008 onwards, which led to about 680,000 rigged diesel cars being certified and sold, despite not complying with nitrogen-oxide emissions rules.
The long shadow of the 2015 emissions-cheating scandal continues to haunt Germany’s auto giants.
Daimler’s fine on Tuesday coincides with state prosecutors in Braunschweig bringing charges against Volkswagen’s chairman and chief executive for allegedly manipulating markets by not informing shareholders early enough that the diesel scandal was about to break.
READ MORE: German prosecutors charge VW bosses with ‘dieselgate’ market manipulation
Germany’s federal Transport Authority (KBA) ordered Stuttgart-based Daimler to recall 700,000 Mercedes diesels across Europe in April 2018. A few months later, in June, the KBA ordered it must recall some 60,000 Mercedes-Benz GLK 220s.
Daimler today waived the right to appeal the court decision and said the fine will not affect its third quarter results. In the second quarter the company booked a €1.6bn loss before interest and taxes due to raising provisions to €4.2bn to cover issues such as ongoing diesel emissions investigations.
