The failed takeover of the Volkswagen group by Porsche has no legal consequences for Ferdinand Piech and Wolfgang Porsche. The Stuttgart public prosecutor had stopped the investigation into the entire Supervisory Board for aiding and abetting market manipulation, the company said. A Government spokeswoman confirmed the information, details will be announced in the coming week.
The investigation by the public prosecutor against the board members had stood in connection with the proceedings against the former Porsche CEO Wendelin Wiedeking and its former Chief Financial Officer Holger Härter. The Authority accuses the former top managers of market manipulation: You should not have informed investors between 2007 and 2009 enough about their plans for later failed VW-entry. Wiedeking and Härter reject the allegations. The case against them will begin on 22 October.Wolfgang Porsche said on Friday he was confident that the charges against Wiedeking and Härter will prove unfounded. Dozens investors assert that they have suffered by the former course capers on the stock market losses and arguing in several German courts with Porsche to compensation of more than five billion euros.
Before the investigation into Porsche works council head Uwe Hueck had already been set. He is Deputy Chairman of Porsche Automobile Holding SE. The twelve-member supervisory committee in 2008 included alongside Ferdinand Piech and Wolfgang Porsche to the family members Hans Michel Piech, Ferdinand Oliver Porsche and Hans Peter Porsche.
Ferdinand Piech had resigned after a public discharged power struggle in April as chairman of the board of Volkswagen. His cousin Wolfgang Porsche passes the Control Council of Porsche.
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