Stuttgart Prosecutor Files Charges In Porsche Credit Fraud Case
06 Mars 2012 - 4:45PM
Dow Jones News
Porsche Automobil Holding SE's (PAH3.XE) former chief financial
officer Holger Haerter and two other managers have been charged
with credit fraud in connection with the attempted takeover of
Volkswagen AG (VOW.XE), the company said Tuesday.
The Stuttgart prosecutors office said three people are accused
of providing inaccurate information when negotiating follow-up
financing for a EUR10 billion loan maturing in March 2009.
Haerter's lawyer wasn't immediately available to comment.
Porsche said the other two people haven't served as company
executives, but the prosecutors office said at least one of them
still works for Porsche.
In a written statement to one bank, the three managers claimed
the liquidity requirement for the exercise of call options would be
about EUR1.4 billion lower than it actually was, according to the
prosecutors office. They are also accused of concealing that
Porsche had sold put options for about 45 million ordinary
Volkswagen shares.
At the same time, investigations into accusations of market
manipulation and embezzlement against former executive board
members are continuing.
-By Friedrich Geiger, Dow Jones Newswires; +49 69 29725 506;
friedrich.geiger@dowjones.com
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