• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

See More

Porsche board under investigation

Feb 12 2013 14:11 Reuters

The Porsche Carrera 4 GTS is the epitome of every gearhead’s wildest dreams. Picture: Brent Ellis

Related Articles

Porsche profits may decrease

Fraud charges stun former Porsche exec

Wedding bells for VW, Porsche

Porsche raises billions to clear debts

VW anxious to close Porsche deal

Porsche wins dismissal of VW lawsuit


Stuttgart - German prosecutors have extended a probe into market manipulation to all members of Porsche's supervisory board, including carmaker Volkswagen's chairperson, Ferdinand Piech.

Prosecutors are investigating the 12-member supervisory board of the German holding company, which owns about 51% of Volkswagen's (VW) shares, for suspected "aiding of market manipulation," a spokesperson said, declining to be more specific.

The move follows a decision by prosecutors last December to charge the former chief executive of Porsche, Wendelin Wiedeking, and his former finance chief, Holger Haerter, with market manipulation of VW shares during Porsche's botched 2008-09 takeover attempt of much larger VW.

Prosecutors in Stuttgart, where Porsche is based, have been investigating since 2009 whether the company misled investors in 2008 when it claimed it had no plan to acquire VW.

Porsche has repeatedly denied the allegations.

Some German and US investors say that throughout 2008 Porsche camouflaged its plans to buy VW and secretly piled up its holding.

In March 2008, Porsche dismissed as "speculation" talk that it intended to take over VW.

Seven months later, Porsche said it controlled 42.6% of VW's common shares and held options for another 31.5% of the stock it had not disclosed previously.

Porsche's statement caused VW shares to surge to €1 005 within days, briefly making VW the world's most valuable company as short-sellers raced to buy back stock they had borrowed to bet that VW shares would drop.

Porsche's attempts to buy VW backfired and pushed it to near bankruptcy. Instead of buying VW, the company ended up selling its sports car business, Porsche AG, to VW.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.



Read Fin24’s Comments Policy

24.com 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
Add your comment
Comment 0 characters remaining

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Top 10 richest musicians of all time

Check out the gallery to find out who they are!


Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

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

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote