Porsche to appeal Feb 29 court ruling on Ferdinand Piech’s duty violation

Article by Christian A., on March 5, 2012

Porsche SE has disclosed that it will appeal to the German Federal Supreme Court the ruling of the Stuttgart Higher Regional Court that stated Ferdinand Piech breached his obligation as a member of the vehicle manufacturer's supervisory board during its botched takeover bid for Volkswagen in 2009.

The Stuttgart court ruled that Piech was wrong to inform reporters at a 2009 event in Sardinia that he was not aware of the degree of the option risks that the automaker had built up in bidding to take over VW.

The court also ruled that he was wrong not to seek clarification about it. A statement on Sunday has cited Piech, who is also chairman of VW, as saying that the Stuttgart court ruling did not precisely evaluate the background in which he made statements at an event in 2009 to reporters.

The case is one of the various disputes that arose from the unsuccessful Volkswagen takeover in 2009, which involved the use of options by Porsche to develop its stake. Porsche racked up in excess of 10 billion euros or $13.5 billion of debt in the process.

The decision was part of a ruling which voids votes by Porsche shareholders that releases Piech and the rest of the supervisory board from responsibility for the financial year ending in 2009, the court explained in a statement.

Piech further commented that he cannot see how he violated his duties even after studying the "OLG Court in Stuttgart's ruling." He said that in his opinion, the ruling "doesn't assess the situation accurately."

The court also ruled that the words of Piech's could also have been comprehended as a critical comment, as part of the controversy in the company at that time, disputing that the risk from the options was incalculable. In addition, his statement is also improper, as it would put the creditworthiness of Porsche in danger, according to the court.

Topics: porsche

If you liked the article, share on:

Comments

Recommended

Skoda recently launched the new Karoq compact SUV as a replacement model to its now-defunct Yeti small crossover. Slotted below the newly introduced Skoda Kodiaq, the new Karoq features a...
by - May 23, 2017
There are already rumors suggesting that the next generation BMW 5-Series GT is expected to be joining the 6-Series range. The latest reports instead tell us that that 3-Series GT...
by - May 23, 2017
In 2004, the British marque Rolls-Royce officially entered South Korea with the opening of their showroom located in Seoul before opening their second showroom last September in Busan. Now RR...
by - May 23, 2017
In a game-changing move, Ford has revealed that it will soon produce its first ever all-electric CUV that will be built to be electric from the ground up, and it...
by - May 23, 2017
The wait for the Mustang’s GT-based Super Snake concept to be released is finally over. Shelby had recently collaborated with Ford Performance and Borla to come up with something that...
by - May 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries