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

Article by Christian Andrei, 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

Login or Create new account to add a comment!

Recommended

The renowned Shelby Super Snake is now 50 years old! As we greet the Super Snake a “happy birthday” or a “happy anniversary,” Shelby itself is celebrating half a century...
by - January 23, 2017
Nearly a year after the Subaru XV Concept was unveiled at the 2016 Geneva Motor Show in Switzerland, this SUV study is making its North American debut at the 2017...
by - January 23, 2017
It looks like Porsche will be very busy throughout 2017 as it prepares for the eventual launch of its two new models this year – the 2017 Porsche 911 GT3...
by - January 23, 2017
Volkswagen Group’s dieselgate saga continues, but it appears the German company would be able to get out of trouble, but it would not be unscathed. This development comes as Volkswagen...
by - January 22, 2017
When a car has been in the market for nearly six years, it loses some of its luster and its customers tend to go for the all-new model with a...
by - January 22, 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