Federal prosecutors probe alleged market manipulation of Volkswagen shares
20 August 2009

Porsche's offices have been raided by federal prosecutors probing the alleged market manipulation of Volkswagen shares.

"On Thursday morning, officers from Stuttgart prosecutors entered the company's offices with search warrants.

"The prosecutors suspect a breach of public disclosure requirements and market manipulation," a Porsche statement read.

Porsche had built up a stake of 51 per cent in VW in an attempt to launch a takeover of Europe's biggest carmaker. The two have subsequently agreed to a merger which will take place in 2011.

Porsche made huge profits on its VW shares, leading some commentators to describe the firm as a hedge fund with a carmaker tacked on the side.

The carmaker denied the accusations and said that it would co-operate fully with the prosecutors.

Reports by the BBC suggest that the investigation will focus on the roles of former chief executive Wendelin Wiedeking and finance chief Holger Haerter, both of whom resigned last month.

In order to shore up its finances, Porsche announced last week that the state of Qatar would take a major stake in the company.

Twitter - follow autocar.co.ukSee all the latest Porsche reviews, news and video

Join the debate


20 August 2009

I remember watching a documentry about this and thinking if there were ever a group of people I wouldn't mind taking a major financial kicking it would be the hedge fund managers. One thing that did stick in my mind was an American stating that Porsche will not get away with costing American hedge fund managers billions of dollars so watch this space. I hope Germany hasn't sold out on extradition treaties to the extent we have or poor Wendelin Wiedeking and Holger Haerter are going to find themselves in Guantanamo. Would love to see the resultant posting on the internet of die hard Porsche fanatics chopping off American heads in revenge or Porsches packed with explosives driven into buildings at high speed (recomend the cayenne as best for the job but willing to discus pro & cons of other Porsche models). Can think of a few porker fanatics on this forum who may well be up for the job.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Hyundai Kona
    First Drive
    18 October 2017
    Hyundai's funky-looking Kona crossover with a peppy three-cylinder engine makes all the right noises for the car to be a success in a crowded segment
  • Citroën C3 Aircross
    First Drive
    17 October 2017
    The Citroen C3 Aircross has got funky looks and a charming interior, but it's another small SUV, and another dynamic miss. Numb steering is just one thing keeping it from class best
  • Skoda-Karoq 2.0 TDI 4x4
    First Drive
    16 October 2017
    Diesel version of Skoda’s junior SUV is unobtrusive and undemanding, but we’d still go for the silkier petrol version of the Karoq
  • Audi Q7 e-tron
    First Drive
    16 October 2017
    Expensive and flawed but this understated diesel-electric Audi Q7 has a lot to offer
  • Citroën C3
    First Drive
    16 October 2017
    Is the third gen Citroën C3 ‘fresh and different’ enough to take on its supermini rivals? We spend six months with one to find out