Porsche to pay 535 mln euro fine over diesel affair

BERLIN, May 7 (Reuters) - German prosecutors have imposed a fine of 535 million euros ($598.99 million) on German luxury carmaker Porsche AG for neglecting supervisory obligations linked to diesel emissions cheating, they said in a statement on Tuesday.

Prosecutors in the southern city of Stuttgart said that the company’s development department had neglected its legal obligations, which ultimately led to the sale of diesel cars in Europe as well as other regions that did not comply with emissions rules.

Porsche, a subsidiary of Germany’s biggest carmaker Volkswagen, has not appealed, they added.

Porsche confirmed the fine and said that prosecutors’ proceedings against the company had now come to an end.

($1 = 0.8932 euros)

Reporting by Tassilo Hummel Editing by Thomas Seythal