The criminal case against former Porsche CEO Wendelin Wiedeking and his chief financial officer Holger Härter has been placed definitively shelved. The Stuttgart public prosecutor announced that they would withdraw the appeal.
Wiedeking and Härter were acquitted in March. Thereafter, the Authority had lodged an appeal. After examining the written judgment they will prepare the way before the Bundesgerichtshof But not aspire. The “Stuttgarter Nachrichten” had previously reported on the setting.
In the process Wiedeking and Härter stood on suspicion of market manipulation in court. They were accused of having hidden their true plans the VW takeover attempt in 2008 with press releases and announcements, thereby manipulating the VW share price.
In the course of later failed takeover attempt of Volkswagen price fluctuated sharply, investors lost billions. Representatives of hedge funds therefore complained to compensation. Separate civil actions in Lower Saxony against the two former managers of the sports car manufacturer will continue.
The prosecutor had in the whole process in a difficult position. None of the numerous witnesses confirmed the allegations. Nevertheless, prosecutors remained convinced that Wiedeking and Härter were guilty and demanded in their closing arguments even imprisonment of two years for the two defendants. Wiedeking and Härter had always maintained her innocence.
The acquittal in March then was like a slap in the face for his accuser. On the allegations was “nothing in it, nothing – neither forward nor back, even in the middle,” said the presiding judge Frank Maurer
The prosecutor justified the withdrawal of its appeal on Wednesday to poor prospects “. due to the limited possibilities of the audit law and the resulting limited verifiability of the judgment by the Federal Court “. Wiedeking said in turn: “I am happy and relieved that this process has now found its final conclusion.”
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