Former Porsche CEO, CFO on trial for alleged market manipulation ahead of VW takeover bid

Published October 22, 2015

The former CEO and CFO of Porsche have gone on trial in Stuttgart on market manipulation charges related to the sports car maker's failed attempt to take over Volkswagen AG in 2009.

Prosecutors accuse ex-CEO Wendelin Wiedeking and former CFO Holger Haerter of making misleading statements about the company's intentions before it moved to build up its stake in the much larger Volkswagen.

Both men reject the charges. As the Stuttgart state court trial began Thursday, Wiedeking said he was not guilty, the dpa news agency reported.

If convicted, the men could face jail time but a fine is more likely, dpa reported.

Volkswagen eventually turned the tables and took over Porsche instead.

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https://www.foxnews.com/world/former-porsche-ceo-cfo-on-trial-for-alleged-market-manipulation-ahead-of-vw-takeover-bid