Volkswagen AG agrees to pay $4.3bn penalty

Volkswagen AG took a major step toward resolving one of the darkest chapters in its history yesterday, pleading guilty in the US to an emissions-cheating scandal and agreeing to pay $4.3bn (€4bn) in penalties, while prosecutors announced charges against five individuals in Germany.

VW admitted to using false statements to import cars to the US and obstructing investigations when authorities grew suspicious of the emissions levels from the diesel engines.

Among the executives charged with conspiracy were Heinz-Jakob Neusser, who was suspended in 2015, Jens Hadler and Richard Dorenkamp.