Reuters | Jul 22, 2020 14:26
FRANKFURT/MILAN (Reuters) - Fiat Chrysler (FCA) (MI:FCHA) (N:FCAU) and CNH Industrial (MI:CNHI) offices were searched on Wednesday in Germany, Italy and Switzerland as part of a probe initiated by German prosecutors investigating emissions fraud.
Engines used by Fiat, Alfa Romeo and Jeep vehicles as well as in CNH Industrial's Iveco trucks have been found to contain potentially illegal engine management software to mask excessive pollution levels, Frankfurt prosecutors said.
The Frankfurt prosecutor's office stopped short of naming Alfa Romeo and Fiat's parent company, Fiat Chrysler, since under German law only individuals, not companies, can be prosecuted.
The investigation targets nine individuals working at an "internatioal carmaker" and seeks to establish their role in putting cars equipped with potentially illegal emissions software on public roads the prosecutor's office said.
A spokesman for FCA said that a number of the group's offices in Europe were visited by investigators in the context of a request for assistance by magistrates in Germany, adding that it was cooperating fully with authorities.
In a similar emailed statement, CNH Industrial confirmed that a number of its offices in Europe have been visited by investigators after a request by German magistrates and that it was cooperating fully with authorities.
FCA and CNH Industrial are both controlled by Exor (MI:EXOR), the holding company of Italy's Agnelli family.
Potentially illegal software has been detected in the 1.3 litre Multijet and 1.6 litre Multijet engines used in Alfa Romeo, Jeep and Fiat engines as well as in commercial diesel engines used in Iveco and Fiat commercial vehicles, the prosecutors said.
Although these cars passed pollution tests in a laboratory, the cars used software to largely switch off exhaust emissions filtering while driving on the road, they added.
The investigation, which is coordinated by EU justice agency EUROJUST, focuses on nine individuals living in Italy and their activities between 2014 to 2019, they said.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.