German Financial market regulator Bafin is investigating the recently departed Porsche CEO, Wendelin Wiedeking, for insider trading. As part of the investigation offices at the company’s Stuttgart headquarters have been raided as regulators look for evidence.
Porsche has confirmed the investiagtion releasing a statement that reads, in part, “On Thursday morning, officers from Stuttgart prosecutors entered the company’s offices with search warrants.”
Accused of market manipulation, the statement continued, “Porsche denies the accusations. The company will cooperate with the prosecutors and is fully supporting the investigating officers in order to contribute to a swift clearing-up of the matter.”
Under the guidance of Wiedeking and former chief financial officer, Holger Härter, Porsche gobbled up as much of Volkswagen AG as it could in a bid to takeover the German car giant. As we now know that bid ended in tears and both Wiedeking and Härter were sent on their way.
The Porsche-Volkswagen saga supplied plenty of news fodder at its zenith and, now, having thought it was all over, the intrigue and subterfuge continues.
[Source: Sydney Morning Herald & The Wall Street Journal | Thanks to Mick for the tip]