Arab Today, arab today porsche\s former cfo faces charges of refinancing fraud
Last Updated : GMT 04:58:31
Arab Today, arab today
Arab Today, arab today

Porsche\'s former CFO faces charges of refinancing fraud

Arab Today, arab today

Arab Today, arab today Porsche\'s former CFO faces charges of refinancing fraud

Frankfurt - AFP

rsche\'s former finance chief and two other managers face charges of lying about the luxury sports car maker\'s finances during its failed takeover of rival Volkwagen, it emerged on Tuesday. Public prosecutors in Stuttgart said three Porsche managers would be charged with making false statements about the group\'s financing needs to a bank at the time of the aborted takeover attempt in 2009. The three are accused of understating Porsche\'s financing needs by 1.4 billion euros ($1.8 billion) when the company refinanced a 10-billion-euro loan. Prosecutors did not reveal the names of the accused, but a lawyer representing Holger Haerter, who was Porsche\'s chief financial officer until 2009, issued a statement saying he would fight the charges. The managers also allegedly failed to reveal that Porsche had acquired 45 million so-called \"put\" options -- options to sell -- on VW shares, prosecutors said. \"All the information requested by the lender and any other relevant information were made available in full,\" Haerter\'s lawyer Anne Wehnert insisted. And she noted that the bank itself had \"at no time complained that it was incompletely or incorrectly informed.\" Haerter was therefore confident that the allegations would prove unfounded, his lawyer said. A source familiar with the matter told AFP that the bank concerned was French bank BNP Paribas. The other two managers were not members of the executive board and one is still currently working for Porsche, the source added. In October 2008, Porsche made the surprise announcement that it intended to boost its stake in VW to 75 percent, that it already held a stake of 43 percent and had options on a further 31.5 percent. Haerter and Porsche\'s former chief executive Wendelin Wiedeking are being investigated on suspicion of share price manipulation and insider trading. \"These investigations are ongoing and will not be completed before the middle of this year,\" prosecutors said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today porsche\s former cfo faces charges of refinancing fraud Arab Today, arab today porsche\s former cfo faces charges of refinancing fraud

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today porsche\s former cfo faces charges of refinancing fraud Arab Today, arab today porsche\s former cfo faces charges of refinancing fraud

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday