WASHINGTON: FBI agents have arrested a Volkswagen executive on conspiracy charges in relation to the ‘dieselgate’ emissions-cheating scandal, The New York Times reported Monday.
Agents arrested Oliver Schmidt, who led the German automaker’s US regulatory compliance office from 2014 to March 2015, in Florida on Saturday, the newspaper reported, citing two unnamed sources with knowledge of the arrest.
Volkswagen has admitted to installing software on as many as 11 million diesel vehicles sold worldwide to circumvent tests for emissions while enabling them to release up to 40 times the permitted amounts of nitrogen oxides during actual driving.
According to The New York Times, lawsuits filed against Volkswagen by the states of New York and Massachusetts accuse Schmidt of playing a key role in Volkswagen’s efforts to conceal its emissions cheating from US regulators.
“It would not be appropriate to comment on any ongoing investigation or to discuss personnel matters,” a VW spokesman in Germany told AFP.
“Volkswagen continues to cooperate with the Department of Justice as we work to resolve remaining matters in the US.”
Schmidt is expected to be arraigned Monday in Detroit, the Times said.
Herbert Diess, the head of the Volkswagen brand of cars, was asked late Sunday ahead of the annual Detroit autoshow about VW engineers reportedly going to jail for their role in the affair, and of executives fearful that they could be arrested if they travel to the United States.
“I can’t comment,” Diess said. “I am here at least.”
Volkswagen has long pledged to cooperate with US authorities to resolve the ‘dieselgate’ case.
The NYT reported on Friday that VW was close to agreeing a $2.0 billion fine with the Department of Justice over the scandal.
US arrests VW executive on fraud charges: Report
US arrests VW executive on fraud charges: Report
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
