Former Porsche SE Chief Financial Officer Holger Haerter was charged along with two other company managers over statements made to a bank when the company refinanced a 10 billion-euro ($13.2 billion) loan.
The three men are accused of understating Porsche's liquidity needs by 1.4 billion euros if all purchase options the company held on Volkswagen AG shares had been exercised, Stuttgart prosecutors said in an e-mailed statement today, without disclosing any names. Haerter will fight the charges, his attorney, Anne Wehnert, said in an e-mailed statement.
The case focuses on the failed attempt by the Stuttgart- based sports-car maker to acquire its larger competitor. Investors claim Porsche misled them by denying, throughout much of 2008, that it intended to acquire VW. Porsche said in October of that year it controlled most of VW's common stock, causing the shares to surge as short-sellers raced to cover their positions. Porsche has denied the allegations.
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