Former Porsche CEO Wiedeking Charged with Stock Manipulation

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CEO  Wendelin Wiedeking and ex-CFO Holger Haerter have been charged by the Stuttgart prosecutor for stock price manipulation related to the attempted takeover of Volkswagen in 2008. The court has not yet scheduled a date for the trial. 

According to the prosecutor, the two men are accused of changing Porsche's public financial statements to boost the stock price to fund buying VW. Porsche wanted to use complicated stock transactions to take control of VW, but after the plan's failure, VW was able to take over Porsche and completed that transaction this year. The prosecutor claims that Porsche made public statements that it was not trying to buy VW while internally working to take control of 75% of VW's stock.

Wiedeking and Haerter released a joint statement saying that the charges are "in fact and law unfounded." According to Wiedeking's attorneys, the investigations against him for stock manipulation were dropped two years ago after the investigation proved fruitless.

Source: Spiegel