Federal prosecutors continue Porsche raids
By Andrew C., 30 Aug, 2010. 0 Comments
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An investigation on allegations that Porsche passed on insider information to a third party continues. Some Porsche employees are being accused of market manipulation of Volkswagen shares. The latest news is that Stuttgart prosecutors have raided another apartment and have confiscated items found there. However, the employee whose apartment was searched is not believed to be at management level. A source said that the prosecutors took a computer that contained the information they had been looking for. The raid reportedly came about as a result of information gathered during the last round of searches on August 20. Included in those being investigated are former CEO Wendelin Wiedeking, former finance chief Holger Haerter, and a bank in Frankfurt that has been executing trades on Porsche's behalf.
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