Former Porsche CFO Fined $820,000
Haerter goes to court
Porsche’s former high-flying finance chief Holger Härter was been fined 630,000 euros ($820,000) for misleading French bank BNP Paribas in loan negotiations in early 2009. This despite testimonies by bank representatives who said BNP did not feel misled.
A criminal court in Stuttgart, Germany, on Tuesday sentenced Härter “for making incomplete and wrong statements about the value of VW share derivatives held by Porsche at the time,” Reuters says.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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It's far more likely that the court didn't understand what derivatives are than he's guilty. There was the rather delightful example in the UK where the Serious Fraud Office found documents from a company they were investigating which detailed a big transaction of CFDs for shares in Tesco. The SFO then got very worked up that "No trace of the shares themselves can be found..."