Former Porsche SE Chief Financial Officer Holger Haerter told a German court on the first day of his trial that he didn't make misleading statements in 2009 when the company refinanced a 10 billion-euro loan ($12.5 billion).
Haerter denied charges he downplayed Porsche's liquidity needs when negotiating with BNP Paribas SA about a 500 million-euro share of the loan. He said prosecutors didn't understand the complex terminology used in the discussions.
“I am aghast at these charges because I have always been very meticulous in all my declarations,” Haerter, 66, told the Stuttgart court today. “It has never been my way to deceive business partners and I didn't do it here.”
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