Stuttgart prosecutors continue market manipulation investigation
3 September 2009

Prosecutors in Stuttgart have raided another apartment in connection with a probe of Porsche employees into an alleged market manipulation of Volkswagen shares.

Material from the apartment was confiscated as part of the investigation, although the employee whose apartment was searched is not believed to be at management level.

An unnamed source close to the investigation said the prosecutors had taken a computer which contained information they were looking for.

A Porsche spokesman confirmed that the apartment had been searched. The search was as a result of information gathered at the last round of searches on 20 August.

Porsche has said that among the people being investigated are the former CEO Wendelin Wiedeking and former finance chief Holger Haerter.

Also being targeted is a bank in Frankfurt that has been executing trades on Porsche's behalf. Investigators are probing whether Porsche passed on insider information to a third party

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3 September 2009

An odd state of affairs.

Clearly the authorities must do their job as regulatory bodies...but it would be a strange result if that affected one of the motoring industry's most respected marques.


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