Filed under:
Europe,
Government/Legal,
Porsche,
Volkswagen,
Earnings/Financials
Former
Porsche CEO
Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had
avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and
overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over
Volkswagen in 2008,
Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by
Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter
had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed
VW the chance to acquire Porsche and
forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company
multiple times in civil court for the same reason, but they have repeatedly failed.
Porsche's former CEO Wiedeking to stand trial over VW-share manipulation originally appeared on
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27-08-2014, 09:40 PM
