Prosecutors Appeal Not-Guilty Verdict in Porsche Case

   By Eyk Henning and Ilka Kopplin

FRANKFURT--Prosecutors on Monday appealed a regional court decision acquitting two former top executives of Porsche SE of alleged market manipulation related to the car maker's unsuccessful 2008 attempt to take over rival Volkswagen AG.

The prosecutors didn't provide more information on the grounds for appeal. The move could take the legal battle to Germany's Federal Court, the country's highest court, should the appeal be accepted.

On Friday, a Stuttgart court found former Chief Executive Wendelin Wiedeking and former Chief Financial Officer Holger Haerter not guilty of allegations that they concealed plans to gain control of Volkswagen in 2008, then shifted strategy when the attempt went awry after the financial crisis hit.

Prosecutors had urged the court to sentence the two former managers to jail. They also argued that Porsche SE should pay penalties of EUR807 million ($907.5 million).

But Judge Frank Maurer found the two former Porsche executives not guilty, calling the allegations "completely unfounded," and said the company didn't have to pay penalties.

(END) Dow Jones Newswires

March 21, 2016 14:01 ET (18:01 GMT)

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