Prosecutors in Germany have imposed a EUR 1 billion fine on Volkswagen over the company's diesel scandal.

CNN said the EUR 1 billion (USD 1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on emissions cheating.

“It is one of the highest fines ever imposed on a company in Germany,” the prosecutor said in a statement.

The automaker said it accepted the penalty.

“Volkswagen accepted the fine and it will not lodge an appeal against it,” the company said in a statement. “Volkswagen, by doing so, admits its responsibility for the diesel crisis.”