Porsche Process: Wendelin Wiedeking and Härter acquitted – SPIEGEL ONLINE

After five months, the Stuttgart Regional Court has its verdict: Former Porsche CEO Wendelin Wiedeking and ex-CFO Holger Härter have been acquitted of charges of market manipulation. In the case concerned the ultimately failed takeover of Volkswagen group by Porsche.

“On the allegations of the Stuttgart prosecutor’s nothing to it, nothing – neither forward nor back, even in the middle,” said the presiding judge Frank Maurer in his ruling.

The prosecution had both managers accused of having led in 2008 investors astray and made the price manipulation guilty. The prosecution had called for more than two years in prison for Wiedeking and Härter. The defenders of the manager, however, had pleaded for acquittal

crux was the question of when the decision to 75-percent takeover of VW fell -., According to prosecutors at the beginning of March, according to Wiedeking and Härter until late October. Between the two points in time Porsche had cites several times in press releases and statements, not wanting to dominate VW.

The prosecution had accused the two top managers in the takeover battle with VW 2008, initially obscured their plans and then disclosed incomplete to have. Thereby, the prosecutor, had the market been affected. The VW-market price then fluctuated sharply, investors lost billions.

As Porsche on Volkswagen verhob

Porsche in 2008 had tried to swallow the much larger Volkswagen Group. The Porsche manager had denied such plans long. Only the end of October 2008, the takeover intention was confirmed. Then, the value of VW shares rose within two days about fivefold. Investors who had bet on falling prices, lost huge sums. According to prosecutors manipulated Wiedeking and Härter then the capital market and wanted to control the VW-rate in their favor. However, this view did not follow the court in Stuttgart. The Porsche holding company Porsche SE must also pay any fines.

The attempt by Porsche to take over Volkswagen to 75 percent had failed at the end. Instead, the Porsche AG from Volkswagen was taken. Wiedeking and Härter had 2009 vacate their top job.

The investigation into the manager began nearly seven years ago. During the trial, no witness or verifier has had to significantly support the allegations of the prosecutor. This had given the prosecution. yet you showed of the guilt of the two managers convinced and based this on circumstantial

From the SPIEGEL ONLINE:. So threaded Wiedeking and Härter the VW deal a – the great reconstruction