German markets regulator BaFin has ended its investigation into the purchase of a stake in Daimler by Chinese carmaker Geely and decided not to impose fines against Geely over disclosure practices, the Chinese company said on Saturday.
BaFin, Germany’s financial regulator was reviewing whether to fine Li Shufu, the chairman of China’s Zhejiang Geely Holding Group for failing to disclose transactions in building up nearly 10% stake in German car maker Daimler AG in time.
Citing investigation results, Geely said it strictly followed German laws and regulations in its acquisition of a 9.7% stake in Daimler AG for US$9.2 billion and disclosed information timely and accurately.
Geely, based in Hangzhou, is best known for reviving the Swedish car brand Volvo . Major assets of Geely Group include Geely Automobile Holdings Ltd. (46%), Volvo Cars (100%), Lotus Motor Cars (51%), Proton Cars (49.9%) and London Taxi (100%). Geely also owns the Australian based DSI (Drivetrain Systems International) since 2009 as well as the Lynk & Co brand which is positioned between Geely and Volvo, targeted towards the upscale market. In July 2017 it also purchased Terrafugia, an American maker of flying cars.