All data is delayed
See More

Fraud charges stun former Porsche exec

Sep 05 2012 13:24

Berlin - Porsche's ex-finance chief has rejected fraud charges arising from arranging credit to help the German sports car maker's doomed attempt to take over Volkswagen AG in 2009.

News agency dapd reported that Holger Haerter told the Stuttgart state court as the trial opened on Wednesday that he was "stunned" by the accusation.

The charges centre on the battle in which Porsche built up a 51% stake in much larger Volkswagen - piling up debt just as the economy entered a deep recession.

The takeover attempt eventually collapsed.

Prosecutors allege Haerter and two co-defendants provided inaccurate information in negotiations with banks regarding financing for a €10bn ($12.6bn) credit line.

Haerter said he had always taken care to ensure his statements were accurate.

He said: "Deceiving business partners is not my way."

*Follow Fin24 on Twitter, Facebook and Google+.

porsche  |  corruption  |  fraud


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote