Ex-Porsche CFO Fined for Fraud in Failed VW Takeover Bid

Holger Haerter 1 photo
Photo: Bernd Weißbrod/dpa
Porsche’s bid to take over VW may have failed, but the legal implications are still active. Porsche’s former Chief Financial Officer, Holger Haerter, was recently convicted of fraud in the case.
A criminal court is Stuttgart, Germany, found the ex-CFO guilty of having delivered false information during Porsche’s assault in 2009. The former exec was fined EUR630,000 ($820,000) for misleading French bank BNP Paribas during loan negociations that took part in early 2009.

To be more specific, Haerter was found guilty of making incomplete and incorrect statements regarding the value of Porsche’s Volkswagen share derivatives.

We’ll remind you that the ex-CFO, together with former Porsche CEO Wendelin Wiedeking were charged back in December. The two allegedly mislead investors, claiming that Porsche wasn’t planning to take over VW back in 2008. An official investigation revealed that Porsche was in fact planning the move starting from February 2008, eight months before the carmaker officially announced its intentions. According to the prosecutors, these actions had a negative effect on VW’’s stock price.

Via: The Business Times
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About the author: Andrei Tutu
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In his quest to bring you the most impressive automotive creations, Andrei relies on learning as a superpower. There's quite a bit of room in the garage that is this aficionado's heart, so factory-condition classics and widebody contraptions with turbos poking through the hood can peacefully coexist.
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