Wiedeking Ordered To Stand Trial Over Market Manipulation Charges

Cameron Aubernon
by Cameron Aubernon
wiedeking ordered to stand trial over market manipulation charges

Former Porsche CEO Wendelin Wiedeking may be facing jail time in the future if convicted on charges of market manipulation recently revived by a German court.

Bloomberg reports the Stuttgart Higher Regional Court ordered both Wiedeking and former Porsche CFO Holger Haerter to stand trial in criminal court over the charges, linked to the failed takeover of Volkswagen AG in October of 2008. The court proclaimed it found “numerous indications” of a possible hidden agenda to increase Porsche’s stake in Volkswagen from 74.1 percent to 75 percent “as they could suggest the opposite evaluation by the lower court.”

Both Porsche and attorneys for the two defendants believe the charges to be without merit, especially as they were overturned in a lower court back in April due to lack of sufficient evidence. The regional court, however, states that as far back as 2006, Wiedeking had plans to take over VW in secret.

In addition to the criminal case, a few civil suits are waiting in the wings in Braunschweig, Stuttgart and Hanover. The plaintiffs — investors who believed Porsche had planned to assimilate VW months before the October 2008 takeover attempt — are seeking over €5 billion ($6.6 billion USD) in damages.

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  • AFX AFX on Aug 27, 2014

    You can tell from the photo that he's telling the judge he has Wu-Tang Clan's legal team representing him, so he has nothing to worry about.

  • Jpolicke Jpolicke on Aug 27, 2014

    Sgt. Schultz did real well for himself after the war, and never missed an opportunity to use his trademark line "I know nothing! Nothing!"

    • Mcs Mcs on Aug 27, 2014

      +1 Here's a clip from the news conference: goo.gl/mvTZVY

  • Stanczyk Stanczyk on Aug 27, 2014

    Only in this 'mickey-mouse' corpo-bankster$ economy small brand could 'take over' a giant like VW .. These superstar CEO's rulezzz :) Por$che loves money .. we know that because they offering bastards like ugly andclumsy Panamejra or Kayenne .. I hope they will 'water-down' their brand to the level of: --> they will offer 'sporty hot-hatch' exclusively for chineese market ..