Business
17:13, 16-Dec-2018
Geely says it is not subject to fines over Daimler stake disclosures
Updated
16:09, 19-Dec-2018
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German markets regulator BaFin has ended its investigation into Geely's purchase of Daimler's stake and decided not to impose fines against the Chinese carmaker over disclosure practices, Geely itself said on Saturday.
Citing investigation results, Geely said it strictly followed German laws and regulations in its acquisition of a 9.7-percent stake in Daimler AG for 9.2 billion U.S. dollars and disclosed information timely and accurately.
The Chinese automaker added that it has been cooperating with BaFin in the investigation into the transaction.
BaFin said in February that it was reviewing whether Geely's acquisition of Daimler's stake was in line with Germany's disclosure rules.
Geely, headquartered in eastern Chinese city of Hangzhou, is best-known for reviving the once flagging Volvo brand.
Source(s): Xinhua News Agency