2023 Author: Eric Donovan | [email protected]. Last modified: 2023-11-27 05:39
The Stuttgart Higher Regional Court has opened main proceedings against Wendelin Wiedeking. In addition to the former Porsche boss, the former CFO also has to go to the dock.
He would have escaped a lawsuit by a hair's breadth: the former Porsche boss Wendelin Wiedeking must now answer in court on suspicion of market manipulation. The Stuttgart Higher Regional Court (OLG) announced on Tuesday. There, the public prosecutor had lodged a complaint against the decision of the regional court to dismiss the opening of main proceedings. The OLG gave the prosecution right - and opened the main proceedings before the commercial criminal chamber of the Stuttgart regional court.
Holger Härter also indicted
The Higher Regional Court therefore does not consider a conviction to be unlikely. Valuable knowledge could also be gained in the course of a main hearing that is not apparent from the written documents.
With Wiedeking, the then CFO Holger Härter will also be in the dock. The public prosecutor's office had brought charges of market manipulation against the managers because, from the authority's point of view, they did not sufficiently inform the financial market about Porsche's entry into VW between 2007 and 2009.
Wiedeking faces up to five years imprisonment
The managers let it be known through their lawyers that they were "confident that the allegations in the main hearing will turn out to be without exception unjustified". If convicted, they face a fine or even up to five years in prison.
The prosecutors see it this way: While the Porsche bosses denied the financial world several times between spring and autumn 2008 that they wanted to take power at VW and reach the 75 percent threshold for the share, they secretly pushed ahead with precisely this plan. Your information was all correct, emphasized Wiedeking and Härter in a statement on Tuesday.
The process only started in 2015
Porsche SE described the allegations that the former board members were also not justified. One welcomes the judicial processing, however - the allegations could be dispelled. The Porsche SE has feel because of the ultimately unsuccessful takeover numerous claims on the neck because investors have lost a lot of money back then and misinformed retrospect.
The managers Wiedeking and Härter were in the focus of the investigators for years - but not much is left of the bundle of initial allegations. Initially there were even allegations of two types of criminal offense of possible market manipulation. The public prosecutor's office also dropped the allegation of infidelity. The authority is now also investigating the entire former supervisory board of Porsche SE for aiding and abetting market manipulation.
Wiedeking and Härter still have a waiting period: According to the regional court, the trial will probably not start in 2014. This will therefore probably only be the case in the course of the coming year. (dpa)
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