Former Porsche CEO, Wendelin Wiedeking, and ex-Chief Financial Officer, Holger Haerter, have been charged with market manipulation, following three years of investigations. The charges surround the handling of the ill-fated takeover of Volkswagen back in 2009.
Automotive News has the story:
The indictment was filed after more than three years of investigations into claims Porsche misled investors in 2008 when it denied that it sought to buy VW. The company in October of that year disclosed a plan to take control of the carmaker.
“The investigation found the suspects in February 2008 at the latest made the decision to increase Porsche’s share in Volkswagen to 75 percent in the first quarter of 2009 to prepare a takeover,” Claudia Krauth, spokeswoman for Stuttgart prosecutors, said today.
In the period between March 10 and October 2, 2008, Porsche denied at least five times that it planned to increase its VW stake to 75 percent, Krauth said. The denials influenced VW’s share price, she said.
[Source: Automotive News]
One reply on “Former Porsche CEO charged with market manipulation”
Haha the dude even looks dodgy.