german financial watchdog probing carmakers cartel
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

German financial watchdog probing carmakers' 'cartel'

Arab Today, arab today

Arab Today, arab today German financial watchdog probing carmakers' 'cartel'

Frankfurt - AFP

Germany's financial regulator confirmed Monday it is investigating whether Volkswagen and Daimler failed to notify investors properly following reports that they informed cartel authorities of secret talks with other carmakers that could amount to collusion.

Regulators "are examining whether VW and Daimler respected their duty to inform markets following their allegedly reporting themselves to the authorities," a spokesman for the Federal Financial Supervisory Authority (BaFin) told AFP, confirming a report from German business daily Handelsblatt.

BaFin's intervention follows confirmation from the European Commission that it has launched its own investigation into whether the discussions between German manufacturers were legal.

According to German media reports, VW and its subsidiaries Audi and Porsche colluded with Mercedes-Benz maker Daimler and BMW, agreeing technical, purchasing and marketing details and even levels of polluting emissions.

Deals on the last point allegedly led to the diesel emissions cheating scandal that has cost VW tens of billions in fines and compensation since 2015.

Companies listed on the stock market are obliged to inform investors promptly about any information that could affect their share price.

Neither VW nor Daimler have confirmed reports that they informed the competition authorities of the secret talks allegedly held since the 1990s.

For its part, BMW is not believed to have reported the discussions, and BaFin is therefore not investigating the Munich-based firm.

The first firms to come forward and admit to anti-competitive behaviour usually escape EU fines.

Recent changes to German law mean BaFin can inflict beefed-up penalties on companies found to be infringing the rules on ad hoc notifications to investors.

A fine could reach as high as 5.0 percent of a firm's annual revenue -- a sum that could reach into the billions for a group of VW or Daimler's size.

But the regulator's spokesman said it was not yet clear whether any wrongdoing would be dealt with under the old or the new law.

Deutsche Bank recently paid a fine of 550,000 euros ($648,406) for failing to notify markets under the former system.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

german financial watchdog probing carmakers cartel german financial watchdog probing carmakers cartel

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

german financial watchdog probing carmakers cartel german financial watchdog probing carmakers cartel

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 20:25 2017 Thursday ,21 December

AD Police raise readiness level to deal with emergencies

GMT 21:17 2017 Tuesday ,01 August

Chandimal to lead Sri Lanka recovery bid

GMT 04:52 2014 Tuesday ,01 April

February 18 - March 19

GMT 19:37 2013 Monday ,07 October

Small bathroom interior design ideas

GMT 19:00 2017 Monday ,27 November

UAE budget ensures continued development

GMT 10:28 2018 Monday ,22 January

Uggs, pigs and tartan

GMT 20:03 2016 Thursday ,21 January

Sisi, Xi inspect monuments of Luxor Temple

GMT 05:07 2014 Thursday ,15 May

US crude production climbs to 28-year high

GMT 13:15 2017 Saturday ,23 December

US suspends military cooperation with Russia

GMT 17:53 2017 Thursday ,26 January

Another Bird Flu Outbreak Confirmed in Japan

GMT 02:09 2017 Wednesday ,25 October

Jul24/Aug23

GMT 08:40 2017 Saturday ,16 September

'Not serious' Kyrgios pulls Aussies level in Davis Cup

GMT 22:50 2017 Thursday ,26 October

Boeing keeps tough line on Bombardier as earnings fall

GMT 07:45 2016 Wednesday ,18 May

Fighting against terrorists top priority in Syria

GMT 06:09 2017 Monday ,25 September

Federer leads Europe to maiden Laver Cup title

GMT 05:45 2017 Thursday ,16 March

Tourists head back to Europe

GMT 21:35 2016 Sunday ,06 November

Voting Begins in Bulgaria's Presidential Election
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday