German Prosecutors Target Complete Porsche Board
The long simmering scandal around Porsche widens. Following a decision by prosecutors last December to charge former Porsche CEO Wendelin Wiedeking, and his then finance chief Holger Härter with market manipulation, German prosecutors have extended a probe to all members of Porsche SE’s supervisory board. This includes Volkswagen’s chairman Ferdinand Piech and what reads like a family meeting of the Porsche clan.
According to Reuters, the 12-member supervisory board of the German holding company, which owns about 51 percent of Volkswagen’s shares, is under suspicion of “aiding market manipulation.” Also under suspicion is former Porsche spokesman Anton Hunger.
At the end of 2008, the supervisory board was as follows.
Wolfgang Porsche (Chairman) , Ulrich Lehner, Ferdinand K. Piëch, , Hans Michel Piëch, Ferdinand Oliver Porsche, Hans-Peter Porsche
Uwe Hück (Vice Chairman), Hans Baur, Wolfgang Leimgruber, Hansjörg Schmierer, Walter Uhl , Werner Weresch.
Wiedeking and Härter repeatedly said they had kept the supervisory board apprised, and that the board had approved the purchase of increasing amounts of Volkswagen shares.