Volkswagen Fined €1bn by German Authorities

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The German car manufacturer has been fined 1 billion euros (USD $1.18 billion) over diesel emissions cheating. This is one of the largest ever fines imposed by the German authorities against a firm.

The fine follows a plea agreement from the U.S. from January 2017 when VW agreed to pay USD $4.3 billion to clear up civil and criminal penalties. In addition, the penalties were for installing illicit software in diesel engines to cheat strict U.S. anti-pollution tests.

Furthermore, the fine was ordered for supervision deficiencies which failed to prevent forbidden software functions from being placed in 10.7 million cars between 2007 and 2015.

VW however is yet to face a vast amount of inquiries both in Germany and further afield with legal proceedings 55 different countries pending and investigations into stock-market manipulation in the German market.

VW shares fell 0.7% to €158.70 in Frankfurt recently. Moreover, the stock is said to be down 4.7% this year, valuing the car manufacturer at €79.5 billion.