Former Porsche Chief Executive, Wendelin Wiedeking, and Finance Chief, Holger Haerter, will have to wait three months to hear whether German prosecutors will bring charges of Market Manipulation in relation to the companies failed takeover of Volkswagen Automotive Group. A police-led probe into the affair has now been concluded.
The charges relate to comments made in March 2008 when the company dismissed as speculation, reports that they were planning a potential takeover of Volkswagen. Seven months later, Porsche revealed that options gave it control of almost three quarters of VW. This caused shares to skyrocket, making Volkswagen the world’s most valuable company for a short period.
Sources suggest that prosecutors in Stuttgart are about to give case files to Wiedeking and Haerter’s lawyers. We’re told that they will have to wait three months to hear whether charges will be bought. If found guilty, Wiedeking and Haerter could receive custodial sentences of up to five years.