Refinancing Leads to Fraud Charges

Former Porsche CFO Haerter among three executives charged over statements made to bank.

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.

Complex, Time Consuming

“Those investigations have turned out to be very complex and time consuming,” prosecutors said.

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