Former Porsche CEO Wendelin Wiedeking may be facing jail time in the future if convicted on charges of market manipulation recently revived by a German court.
Bloomberg reports the Stuttgart Higher Regional Court ordered both Wiedeking and former Porsche CFO Holger Haerter to stand trial in criminal court over the charges, linked to the failed takeover of Volkswagen AG in October of 2008. The court proclaimed it found "numerous indications" of a possible hidden agenda to increase Porsche's stake in Volkswagen from 74.1 percent to 75 percent "as they could suggest the opposite evaluation by the lower court."
Both Porsche and attorneys for the two defendants believe the charges to be without merit, especially as they were overturned in a lower court back in April due to lack of sufficient evidence. The regional court, however, states that as far back as 2006, Wiedeking had plans to take over VW in secret.
In addition to the criminal case, a few civil suits are waiting in the wings in Braunschweig, Stuttgart and Hanover. The plaintiffs — investors who believed Porsche had planned to assimilate VW months before the October 2008 takeover attempt — are seeking over €5 billion ($6.6 billion USD) in damages.
The post Wiedeking Ordered To Stand Trial Over Market Manipulation Charges appeared first on The Truth About Cars.
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