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Porsche Offices Raided
September 3, 2009
This news is a couple of weeks old, but still worth nothing: Porsche’s German offices were raided by prosecutors looking into alleged security laws violations.
The allegations include stock price manipulation and insider trading. The probe is due to Porsche’s failed attempt to gain control of Volkswagen. Former CEO Wendelin Wiedeking and former CFO Holger Haerter are said to be the focus of the investigation.
Porsche has issued a statement denying the allegations, which can be viewed after the jump.
[source: Autoblog]
Suspected Breach of Publicity Duties
The public prosecutor’s office investigates at Porsche
Stuttgart. Stuttgart. Investigative proceedings led by the public prosecutor’s office have been carried out at Porsche Automobil Holding SE and Dr. Ing. h.c. F. Porsche AG, both in Stuttgart. This Thursday morning, officials from the public prosecutor’s office in Stuttgart with judicial search warrants arrived at the administrative headquarters of the companies in Stuttgart-Zuffenhausen. The officials then searched the business premises of the companies, seizing numerous business documents in the process.
According to information provided by the public prosecutor’s office in charge of investigations, there is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and furthermore of market manipulation.
Porsche is rejecting these allegations. The company is cooperating in the efforts of the public prosecutor’s office and is offering investigating officials its full support in order to clarify the issue as quickly as possible.
Posted in Company News
