Porsche’s failed acquisition of Volkswagen – Europe’s largest automaker – raised more than a few eyebrows in the automotive industry, and the David vs. Goliath saga apparently grabbed the attention of local authorities. German prosecutors raided Porsche’s Stuttgart headquarters today on suspicion of possible security violations and market manipulation.
According to Bloomberg, German officials raided Porsche’s headquarters earlier on Thursday, seizing several financial documents. It is believed that breached several security laws, including leaking insider information.
“Based on evidence provided by Bafin (the German regulator), we have opened a preliminary investigation into suspected market manipulation and unauthorized leaks of insider information,” Claudia Krauth, a spokeswoman for the prosecutor’s office, told Bloomberg.
German officials are also investigating former Porsche CEO Wendelin Wiedeking and former CFO Holger Haerter.
Although Porsche has not been found guilty of any illegal activities, it seems that the German sports car maker has landed itself in some pretty hot water. Many questioned how such a small company could swallow one of the world’s largest automakers, and it looks as though officials may have uncovered the answer. Stay tuned as the events unfold.
08/20, 2:39 PM
posted by:
CADDY-V
That’s always good for business when your HQ gets raided.. WOW!!
08/20, 2:52 PM
posted by:
johnnycanuck
“Schultz, how could you let Hogan get away with this? General Burkhalter will send me to the Russian front for sure!”
08/20, 2:54 PM
posted by:
05Z88Path
For the sake of the beloved 911 I hope they are wrong. We don’t need another automaker going down the tubes!
08/20, 2:56 PM
posted by:
leftwingagenda
this story reminds me that people here actually argued with me on whether wiedeking was fired or “stepped down”….stepped down? riiight…it’s more likely he was launched as far away from the company as possible before being investigated and subsequently arrested…stepped down my ass…
08/20, 3:01 PM
posted by:
scratchy
and just when we thought the soap was over they make an action packed new season !
can’t wait to see who is the killer…
08/20, 3:06 PM
posted by:
JakeK66
Oh and America is the curropt capital of the world? Give me a break, this is just another example on how America is not alone on business curroption. This is a big deal people, this could break Porsche and the merger would be a complete takeover by VW.
VW FTW!
08/20, 3:09 PM
posted by:
DIESEL
I didn’t know Porsche is in church business as well: “It is believed that preached several security laws…” Funny typo IMHO.
08/20, 3:12 PM
posted by:
leftwingagenda
well, depending on how you rate corruption, bernie madoff could rank as the most corrupt mofo ever in the financial world and he’s ours…but i think there are several central and south american governments (and “governments”) that are more corrupt on a per capita/per bureaucrat basis…
08/20, 3:30 PM
posted by:
SomeGreek
“Based on evidence provided by Bafin (the German regulator), we have opened a preliminary investigation into suspected market manipulation and unauthorized leaks of insider information,” Claudia Krauth
How can you manipulate a market? Can Porsche do it? Whos information leaked?
08/20, 3:38 PM
posted by:
JakeK66
@leftwingagenda – Yeah, but I consider investment schemes in a different catagory than systematic corporation curroptness, but your point is valid.
08/20, 4:13 PM
posted by:
Sgt Pepper
I hope they took their Nazi uniforms home from the last meeting. That could be embarrassing if they left that in the closet at work.
08/20, 4:39 PM
posted by:
DenverGuy217
Don’t you hate leaking Porsches!
08/20, 5:00 PM
posted by:
Sgt Pepper
Preaching laws Huh
08/20, 5:46 PM
posted by:
A4
yeah did they preach them or breach them? HALLELUJA!
08/20, 10:24 PM
posted by:
brocky
while they’re at it, please check Brock Lesnar for roids…
08/21, 8:19 AM
posted by:
Borat
Would never happen under uber Fuhrer!
08/21, 8:41 AM
posted by:
Payton Byrd
Actually, when it comes to running the biggest Ponzi scheme the US Government get’s the nod with the Social Security Administration.
Hugo Chavez has essentially set himself up as de-facto God of Venezuela for the rest of his life. Annual GDP of over $250B gives him a 5:1 annual advantage to Madoff’s entire scheme.
08/22, 1:42 AM
posted by:
leftwingagenda
meh…i’m not going to drag politics into every single thread, but this fox-inspired view of SSA is a bit off topic imo…SSA has done a hell of a lot more good than bernie, i’ll just leave it at that…
08/22, 6:38 PM
posted by:
status
:-\