FRANKFURT, Oct 9 (Bernama-dpa) -- Germany's financial regulator has fined Volkswagen €1.2 million (US$1.34 million), accusing the carmaker of breaching its disclosure obligations in a statement published on Friday, reported German Press Agency (dpa).
World : Volkswagen Fined â¬1.2 Million For Disclosure Breach
Germany, Volkswagen, fine, financial disclosure,eu
BE Bernama 
Key points
- The Federal Financial Supervisory Authority (BaFin) said Volkswagen AG should have immediately published its 2023 financial year forecast as an "ad hoc" announcement, given that it had significantly exceeded market expectations.
- Listed companies in Germany are subject to so-called ad hoc disclosure requirements.
- If a company violates it, BaFin can impose a fine of up to €2.5 million or up to 2 per cent of turnover.
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- Bernama World : Volkswagen Fined â¬1.2 Million For Disclosure Breach (this story)