Former CEO and CFO of Porsche were acquitted of charges of Volkswagen shares manipulation in 2008.
Former top Porsche executives have been cleared of Volkswagen share scheme charges from 2008. The former CEO and CFO of Porsche were involved in a lawsuit.
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They were charged with manipulating shares of Volkswagen AG in a failed 2008 takeover bid. The former CEO Wendelin Wiedeking and former CFO Holger Haerter were acquitted of charges.
They were facing civil lawsuits by shareholders alleging the pair misled investors about the bid. The same shareholders are also suing Porsche for the same allegations.
The plaintiffs in the civil suits are still asking for 5 billion euros from Porsche. The prosecutors asked for a prison term of 30 months for Wiedeking and 27 months for Haerter. According to Bloomberg, they also asked for fines of 1 million euros ($1.13 million) from each executive.
But the recent acquittal will be a positive move for Porsche as well. The trial for the lawsuit began in October and ended on Friday. The judge cleared the executives remarking the shareholders made the bad decisions themselves.
The case was presided over by Judge Frank Maurer. According to Maurer, there is no basis in the allegations and secret plan to take over Volkswagen did not exist. There was no evidence found to support the claims.
The entire debacle started in 2008 when Porsche stated they owned 74.1% of VW. The statement drove up the price of the VW shares and Porsche funding dried up. As a result VW had to buy out Porsche.
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After the ruling was announced Porsche Automobil Holding SE rose 86 cents, or 1.9 percent. Similarly even the VW shares jumped up by 1.3 percent. The case previously dominated the news headline. But recently it was overshadowed by Volkswagen emissions scandal.