Australia's corporate watchdog said on Friday it had begun civil penalty pr...
The revised logo of German carmaker Volkswagen AG is pictured during a preview of the world's biggest automaker at the international Frankfurt Motor Show IAA in Frankfurt, Germany September 9, 2019. REUTERS/Wolfgang Rattay
The Australian Securities and Investments Commission has alleged that Volkswagen Financial Services Australia Pty Limited did not make required inquiries into borrowers’ living expenses or if the loans were unsuitable for them.The German carmaker’s unit operates nationally to provide borrowers with consumer loans to purchase new and used cars.
The maximum penalty for one contravention equates to A$1.7 million in the period till July 31, 2015, and to A$1.8 million for a contravention in the period after that, the watchdog said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ACLU sues CBP over 'highly secretive' teams detaining travelersACLU sues US Customs and Border Protection to release records concerning units they say are deployed at airports to “target, detain and interrogate innocent travelers.” - DaniellaLSilva
Read more »
Turkish Airlines prepares to sue BoeingTurkish Airlines is preparing to sue Boeing after having to reevaluate its operation strategy due to problems with Boeing's 737 MAX aircraft
Read more »
Financial Watchdog Warns About Dangers of Leveraged LoansThe boom in the market for leveraged loans, a favorite financing source of private-equity-backed companies, has created vulnerabilities in the global financial system, according to a report from international regulators.
Read more »
Volkswagen brand to post record profit on SUVs, cost cuts: executiveVolkswagen's namesake core brand is on track to post a record operating pro...
Read more »
Swiss competition watchdog curbs Swatch watch movement shipmentsThe Swiss competition watchdog on Thursday restricted Swatch Group's shipme...
Read more »
From sunshine to 'near-zero' visibility: New York City snow squall videos go viralSnow squalls are bursts of heavy snowfall that can reduce visibility and are often accompanied by gusty winds. New York was hit with one Wednesday.
Read more »