Mexican Media Brands
Ex-Porsche Execs Cleared of VW Share Manipulation
A regional court in Stuttgart, Germany, has acquitted former Porsche CEO Wendelin Wiedeking and Chief Financial Officer Holger Haerter of claims they manipulated Volkswagen Groupstock in a failed attempt to acquire the larger company, Bloomberg News reports.
#legal
Share
A regional court in Stuttgart, Germany, has acquitted former Porsche CEO Wendelin Wiedeking and Chief Financial Officer Holger Haerter of claims they manipulated Volkswagen Group stock in a failed attempt to acquire the larger company, Bloomberg News reports.
“There was no secret plan to take over VW,” declared Judge Frank Maurer in dismissing the charges. He added there was “absolutely nothing” to the allegations.
Stunned prosecutors had noted that Porsche Automobil Holding SE denied five times between March and October 2008 that it intended to take over VW. But then the holding company disclosed it had quietly purchased and used options to acquire control of 74% of VW’s shares.
The announcement drove up VW’s share price and left Porsche SE debt-ridden and unable to complete the acquisition. The holding company later sold its Porsche AG carmaking business to VW to help pay down debt.
RELATED CONTENT
-
U.S. Justice Dept. Asks VW to Delay Diesel Cheating Report
The U.S. Dept. of Justice has asked Volkswagen AG not to release findings of an independent probe into the German carmaker's diesel emission cheating scandal.
-
U.S. Probes Possible Bosch Role in VW Diesel Scandal
The U.S. Dept. of Justice is investigating whether Robert Bosch GmbH aided Volkswagen AG in cheating on diesel emission tests, sources tell Reuters.
-
Grand Jury Indicts Former FCA Executive In Union Payoff Scheme
A former labor relations executive at Fiat Chrysler Automobiles NV has been charged with making more than $2.2 million in illegal payments to himself and a United Auto Workers union official in Detroit.