Tuesday, August 26, 2014

Wiedeking: Ex-head of Porsche must answer in court – Spiegel Online

Wiedeking: Ex-head of Porsche must answer in court – Spiegel Online

Stuttgart – The failed takeover of Volkswagen Group, Porsche will by now nevertheless be legally challenged. The first Criminal Division of the Stuttgart Higher Regional Court (OLG) has approved the indictment against former Porsche CEO Wendelin Wiedeking and his former CFO Holger Haerter for trial, told the court.

The judges made accordingly “a variety of evidence “, which could speak for or against Wiedeking and hardener. The main method was to take place before the 13th Business Criminal Court.

The judge lifted so that a decision of the Stuttgart District Court in April, which had rejected the opening of main proceedings. The Stuttgart prosecutor had filed in May against the decision of the district court.

Up to five years in prison

The managers were notified through their lawyers that they were “confident that prove the allegations in the trial as without exception unwarranted be “. If convicted, they could face a fine or even up to five years in prison.

The prosecutor had the two former directors Wiedeking and hardener indicted after lengthy investigations in December 2012 because of “information-based market manipulation”. They are accused of having made multiple false statements in 2008 about their plans for VW takeover between spring and autumn.

Until October 2008′ve Porsche, so the accusation, always denied, 75 percent of VW ordinary shares  chart show purchase /. In fact, this plan had been followed but already secretly. This had affected the market price of Volkswagen ordinary shares and investors led to the sale of shares and short sales.

Damages actions of hedge funds and other investors have the district courts Braunschweig and Stuttgart already dismissed in part. Other civil proceedings are still ongoing. The former Porsche Chief Financial Officer hardener was sentenced to a fine of 630,000 euros already due to credit fraud.

Since February 2013, the Public Prosecutor is investigating several members of Porsche SE, including the Porsche’s major shareholders Ferdinand Piech and Wolfgang Porsche, aiding and abetting market manipulation. Whether charges are brought here, depends on the outcome of the proceedings against hardener and Wiedeking.

Wiedeking building five years after the failed takeover of Volkswagen, meanwhile, an Italian restaurant chain. But the previous guests are not exactly thrilled by the Gastro-temples of the former Porsche boss.


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