Ex-managers of Volkswagen found guilty in dieselgate scam
diesel-emission scandal
that tarnished the carmaker's image and cost it billions of euros.
After four years of trial, the
Braunschweig Regional Court
on Monday gave former executive
Heinz-Jakob Neusser
a suspended jail term of 1 year and three months for his role in the affair sparked by the discovery that vehicles were fitted with software to sidestep emission rules.
Another manager, who can only be identified as Jens H., must serve 4 1/2 years for manipulating more than 2 million vehicles. Former manager Hanno J. was given a term of 2 years and 7 months and Thorsten D. got a suspended sentence of 1 year and 10 months. All four had denied the allegations.
Nearly a decade after the 'dieselgate' scandal broke, the tribunal has handed down its first verdicts in the criminal probe targeting senior staff at VW's core brand. They were charged in 2019 with having vehicles equipped with emission-software manipulation in a case that concerned 9 million cars sold in Europe and the US. During the trial, the court narrowed the case to fewer than 4 million vehicles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 hours ago
- Time of India
It's time to buy India, not sell, says Jefferies' Wood
Christopher Wood MUMBAI: Christopher Wood, a leading analyst on emerging markets at global broking major Jefferies, has suggested that India should not bow to US President Donald Trump's pressure tactics relating to higher tariffs. He advised Jefferies' clients to buy India, rather than sell, given the current global situation. Wood also indicated that the way Trump is going against some of the world's largest economies, it would push at least the Brics-the block of Brazil, Russia, India, China and South Africa-towards de-dollarisation. De-dollarisation refers to a trade process, where rather than using the US dollar as the currency for trade between two countries, the partners trade in a non-dollar currency. In his widely read newsletter titled Greed & Fear, Wood said that Jefferies would not view the previously discussed 50% tariff on Indian imports to the US as a reason to sell Indian equities. "Rather, it is probably a reason to buy them since Greed & Fear's view is that it is only a matter of time before Trump backs off the stance, which is not in America's interest. "On this point, it is worth noting that the track record makes it clear that it pays to stand up to the Donald," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Put Bananas in the Garden and Just Watch Life Wise Hub Undo Wood said Jefferies has almost always been significantly bullish on India in Greed & Fear's various portfolios, most particularly, its Asia ex-Japan long-only portfolio. He mentioned that a recent report by Jefferies India highlighted that the country has just suffered its biggest period of under-performance over the past 12 months in a global emerging market context spread over the past 15 years. "This is not a great surprise tactically, since Korea has ripped higher on value-up while Taiwan has of late been celebrating the massive capex spending by hyperscalers (the leading global tech companies currently on a spending binge). For India the problem has been high valuations and, most importantly, massive equity supply. This is why we have of late been running only a marginal overweight in India in the Asia Pacific ex-Japan relative-return portfolio," Wood wrote in his newsletter. Still, Jefferies India made an interesting point in the report: following previous such periods of under-performance, the Indian market tended to bounce on a relative basis. "Or, in other words, that it is now too late to cut India with valuations now back near the 10-year average 63% PE (price-earnings) premium over emerging market peers," Wood said. The Jefferies strategist also said that one of the principal reasons Brics countries are coming together again is because an effective foreign policy conduct for a major world power requires a conceptual framework and "this is what is conspicuously lacking in the current US administration. The 47th US president certainly has no such framework and is also bereft of an adviser who has one." "This has become only too starkly evident in the past several days as Trump has succeeded in bringing China, Russia, India and Brazil together like never before. Indeed, Brics as a grouping has been regalvanised," he observed in the newsletter. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
8 hours ago
- Time of India
Cargo vessel flags new chapter in Varanasi–WB water transport
Varanasi: Homi Bhabha cargo vessel added a new chapter in water transport development between Varanasi and West Bengal on Sunday morning, departing from the multi-modal terminal with a consignment of 300 tonnes of cement and 100 tonnes white putty to Shahabganj (Jharkhand) terminal. IWAI officials said after the vessel reached Sahibganj terminal, the goods would be sent to various destinations including Siliguri, Malda Town and Krishnanagar in West Bengal by road. They termed development of the water transport system a significant milestone in development of entrepreneurs. Secretary of ministry of transport, T K Ramachandran and divisional commissioner S Rajalingam, along with Varanasi district magistrate Satyendra Kumar, Chandauli district magistrate, Chandra Mohan Garg and other officials of both districts, flagged off the vessel to transport cement and putty brought from Katni, Madhya Pradesh and loaded with the help of a German crane. of Multi-modal terminal director Sanjeev Kumar and deputy director R C Pandey, were also present. After assuming charge in 2014, Prime Minister Narendra Modi ensured acceleration of the pace of work on developing Varanasi-Haldia National Waterway-I and also inaugurated IWAI's multi-modal terminal at Ramnagar in Nov 2018 by flagging off a cargo vessel to reduce transportation costs and benefit trade and industries. The step is aimed at empowering local industries, regional development, and ensuring a positive impact on the environment, as it is more eco-friendly compared to road transport. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
9 hours ago
- Time of India
German tech firms visit state for startup exchange
Bhopal: Five prominent German tech firms have landed in the state for a week-long visit under the state's Global Startup Exchange Programme, in what the govt hopes will be a beginning of innovation, investment and jobs. Tired of too many ads? go ad free now The visit that will conclude on Aug 22 is expected to strengthen trade and cooperation between MP and Germany, foster strategic partnerships with local enterprises and open new avenues for technical exchange and investment. CM Mohan Yadav said the delegation's presence would serve as a bridge to new possibilities in artificial intelligence (AI) and digital transformation. "This collaboration will infuse fresh energy into research and innovation in the state, and generate employment." "This initiative is not merely the beginning of technical cooperation, but the foundation of a comprehensive innovation journey for Madhya Pradesh. The transformative partnerships emerging through global knowledge exchange and cutting-edge technology will empower the state's start-ups and entrepreneurs to access international markets," the CM said. The delegation includes Steven Renwick of Tyler, Nicholas of Talonic, Alexandra K Mikityuk of Staex, Matthias Progscha of Qnnect-AG, and Philip Rejmus of Cloud-Squid. "These companies are globally recognised for their expertise in artificial intelligence-based data integration, workflow automation, IoT and connectivity solutions, enterprise software, and document processing AI technology," stated an official statement issued here on Sunday.
