• Conflict over water, coal

    SA's leaders have upped their support of the water-intensive coal industry, says Keith Schneider.

  • Cost of doing business

    The world can't afford the $4.7trn a year in environmental costs of business, says Mandi Smallhorne.

  • Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

All data is delayed
Loading...
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

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.

porsche

NEXT ON FIN24X

 
 
 

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
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

The upcoming petrol price hike is:

Previous results · Suggest a vote

Loading...