Stuttgart public prosecutors end probe against former Porsche CEO Wiedeking

Article by Christian A., on February 26, 2011

German media reported that the investigation by public prosecutors in Stuttgart into former Porsche CEO Wendelin Wiedeking has ended. Sueddeutsche Zeitung said that the charges will be dropped against Wiedeking and Porsche's former chief financial officer Holger Haerter for manipulating the Volkswagen share price during Porsche's failed takeover of VW.

However, Sueddeutsche Zeitung said that the authorities had initiated an investigation to determine if Wiedeking and Haerter breached fiduciary duty by participating in risky share deals.

Under Wiedeking’s leadership, Porsche quietly bought nearly all the freely traded ordinary shares of Volkswagen as part of a plan to take over the company. In October 2008, Porsche revealed its holdings and VW shares quickly went up. And for a brief period, the company was the world's biggest in terms of market value.

Porsche’s attempt to take over VW backfired as Porsche was saddled with debt, prompting a reverse takeover. VW's plans to absorb Porsche have been threatened by legal and tax issues.

According to Frankfurter Allgemeine Zeitung, the public prosecutors' office would make a statement on Thursday. The Stuttgart public prosecutors have yet to comment on this report.

Recently, a U.S. federal judge dismissed a lawsuit by 10 hedge fund groups who accused Porsche of cornering the market in shares of Volkswagen. The charges against Wiedeking and former Haerter were dismissed as well. [via autonews - sub. required]

Topics: porsche, ceo

If you liked the article, share on:

Comments

Recommended

Ever since the Regera premiered in 2016, Koenigsegg has been firm about increasing its coverage around the globe. Part of the idea was to ask its employees in Angelholm to...
by - February 21, 2017
There is no harm in admitting that both the conventional and the hybrid versions of the Lexus LC 500 are real stunners when it comes to its exterior styling. Even...
by - February 21, 2017
Jaguar is placing three new Ingenium engines on the F-Pace crossover, XF saloon and XE sedan for the 2018 model year. According to Jaguar’s recent announcement, the updates will also...
by - February 21, 2017
After Volkswagen snagged Toyota’s crown as the world’s best-selling automaker, there’s no stopping the Japanese manufacturer from dominating the hybrid arena. As of January 31st , Toyota’s increasing global unit...
by - February 21, 2017
There is no denying that the performance versions of the Jaguar F-Type and the Land Rover Range Rover are definitely hot – both in terms of looks and road dynamics....
by - February 21, 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