Diesel engine fails
EIB asks French diesel inquiry to probe the use of Renault loans.
PARIS Reuters - The European Investment Bank has asked French investigators to see if 800 million 863 million in loans guaranteed by the EU Renault could have been used to develop diesel engines test cheating, according to documents seen by Reuters.
The European Union lending arm wrote the judges conducting a fraud investigation in the preliminary results that Renault diesel engines - like Volkswagen s - have been configured to handle emissions of nitrogen oxide NOx tests.
Renault, which has always denied breaking laws or rules of issue, did not comment Friday, Paris prosecutor's office did not respond to requests for comment.
Since 2009 the EIB European Investment Bank provided over EUR 8 billion of preferential loans to support the development of vehicles with CO2 emissions lower carbon dioxide by automakers, including VW, exposed 2015 for the use of software failure formatting devices to deceive regulatory U tests
Technologies financed by the EIB have included diesel engines, because they emit less CO2 than their petrol equivalents More recently, however, diesels have been shown to produce several times the legal limit of toxic NOx in the actual conduct.
The EIB has granted several loans Renault to fund projects, including research and development to reduce vehicle CO2 emissions amounting to over 800 million, the investigator of fraud in Chief bank said the French judges.
Newsletter January 30 also offers a follow-up meeting to determine if our funding is involved in your inquiries and to offer all possible assistance.
He added the EIB has a zero tolerance policy towards fraud and corruption and ensure that no illegal activity tarnishes its activity.
A spokesman for the Luxembourg bank declined to comment contact with French prosecutors Two loans 400 million granted to Renault in 2009 and 2013 were repaid, she said, and a third exceptional ease of 180 million euro does not cover diesel development.
Renault shares fell 7 8 buttons to three hundred days to end last week to 78 euros after 65 excerpts from a November report by the watchdog of fraud DGCCRF consumption France appeared in the newspapers, wiping out 2 billion company value the stock has since recovered some ground 80 68 euros as of 1235 GMT.
Based on the findings of the agency, prosecutors have opened an investigation in January fraud allegations against Renault's Carlos Ghosn and General Manager If convicted, the group could be fined up to 10 percent of annual turnover or 3 € 58 billion.
The report by the DGCCRF, also seen by Reuters, quoting the parameters of Renault's own technical documentation software engine that partially or fully disable the anti-pollution features such as exhaust gas recirculation EGR NOx traps and lean LNT outside predictable regulatory test conditions.
Use of the software in the engine computer to limit the effectiveness of anti-pollution devices primarily or exclusively to vehicle type-approval testing is a strategy that Renault has put in place, concluded the DGCCRF.
Renault argued in press briefings that the limits on emission controls were necessary to protect its engines while maintaining the performance and efficiency of conduct, and therefore allowed under the current rules of the EU.
The automaker nevertheless recalled almost 11,500 cars to tweak engine calibrations and reduced NOx emissions - a handful 900,000 sold in France with the controversial software.
The changes include the extension of the narrow range of air inlet temperatures in which EGR is programmed to operate in the climate of France, calibration makes the anti-pollution device virtually useless for seven months of year, Renault concedes itself in company documents also seen by Reuters.
The EIB is the largest multilateral donor with nearly 80 billion euros granted each year, faced an examination on its financing to carmakers in light of dieselgate scandal and subsequent investigations in France and other countries of the world.
VW, which put side 22 EUR 6 billion to cover its legal settlement U S and other costs, received 400 million euros by the bank in 2009 to develop green technologies.
The German automaker use of EIB funds has been studied very carefully, Bank President Werner Hoyer was quoted as saying at a news conference in January We found no indication that our loans could have been used to fraudulent purposes.
Reporting by Laurence Frost; Edited by Mark Potter.
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