Stuttgart public prosecutors end probe against former Porsche CEO Wiedeking

Article by Christian Andrei, 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

Login or Create new account to add a comment!

Recommended

In Japan, Toyota stays in the limelight by always cooking up something new for its famous 86 sports car. A colour orange Toyota 86 performance edition is one that’s hard...
by - December 4, 2016
Back in 2009, Nissan first introduced the Nissan Leaf, the company’s first all-electric vehicle. LEAF stands for Leading Environmentally-friendly Affordable Family car and this particular EV has been considered as...
by - December 3, 2016
In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
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