Mexican Media Brands
Ex-Porsche Execs Demand Acquittal on VW Stock Charges
Defense attorneys have asked a German court to acquit two former Porsche Automobil Holding SE executives of charges that they illegally manipulated Volkswagen AG shares in a failed attempt to take over the larger company eight years ago.
#legal
Share
Defense attorneys have asked a German court to acquit two former Porsche Automobil Holding SE executives of charges that they illegally manipulated Volkswagen AG shares in a failed attempt to take over the larger company eight years ago.
The lawyers say prosecutors “freely invented” the charges against former CEO Wendelin Wiedeking and Chief Financial Officer Holger Haerter, Bloomberg News reports.
Porsche SE secretly amassed options to gain control of about 75% of VW shares but denied plans to acquire the company until October 2008. When the scheme became public, VW’s share price surged, and investors who had bet on the price falling lost billions of euros.
Prosecutors are seeking a €1 billion fines against each man, prison terms of 30 months for Wiedeking and 27 months for Haerter and an €807 million ($896 million) fine against Porsche SE, Bloomberg News reports. A verdict is expected on Friday.
RELATED CONTENT
-
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.
-
Four Auto Companies Rank Among the World's Most Ethical
GM and Cooper Standard make the list for the first time, joining long-running honorees Aptiv and Cummins
-
Bosch Targeted in Criminal Probe of VW Diesel Cheating in U.S.
Federal prosecutors in the U.S. are trying to determine whether Robert Bosch GmbH conspired to help Volkswagen AB—and perhaps other carmakers—rig their diesel engines to evade emission standards, sources tell Bloomberg News.