FRANKFURT: German prosecutors expect the first rulings this year in legal cases resulting from the Volkswagen (VW) emissions scandal, Automobilwoche magazine reported on Saturday.
“We hope to conclude lawsuits ... this year,” Klaus Ziehe, spokesman for the Braunschweig state prosecutors office in Lower Saxony state, where Volkswagen is headquartered, was quoted as saying by the magazine.
Ziehe said there were four lawsuits with 47 persons indicted, although these included double entries.
Only a handful of people had been targeted in the early stages after the diesel emissions test cheating scandal that has undermined the German car industry’s influence.
And clearing up the scandal will drag on beyond this year, said Hans Dieter Poetsch, head of VW’s supervisory board.
“There will not be a real final stroke for some time to come,” he said.
Poetsch also said that VW does not intend to publish a report of its own about the investigations alongside statements made by the US authorities, as it would be “unjustifiably risky to add a report of our own right now.”
Volkswagen would also remain quiet on the internal investigations undertaken by US law firm Jones Day it hired, a summary of whose findings was compiled in the form of a “statement of facts” for the US Department of Justice, as this had been pledged to the US authorities, he said.
Volkswagen filed a legal complaint with a Munich court on Wednesday, seeking to prevent Bavarian state prosecutors from using information seized during searches of Jones Day.
German prosecutors expect rulings in VW scandal this year
German prosecutors expect rulings in VW scandal this year
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
