The Porsche investigation continues, this time with talks of insider trading
Back on August 20th, Top Speed reported that the headquarters of the sports car manufacturer Porsche were raided by German officials in search of specific documents that would lead to prosecution of the Stuttgart based car maker’s former Chief Executive Officer, Wendelin Wiedeking, as well as the former Chief Financial Officer, Holger Haerter, regarding possible violations of the German securities laws and manipulation of the market with regard to the recent financial dealings with the automotive conglomerate Volkswagen.
The German manufacturer has now confirmed that subsequent searches have been carried out at private residences of select lower level Porsche employees. While the automaker has not revelaed the identity of the individual, an unnamed source informed Automotive News, "The investigators found what they were looking for." Just as we previously reported, Porsche is denying any allegations of bad conduct and continues to cooperate fully with the German government’s investigation.
The German regulatory body BaFin, which is similar to the U.S. Securities and Exchange Commission, is mounting the investigation against the former Porsche CEO and CFO for alleged market manipulation and insider trading. While the investigation focuses on individuals who no longer work with company, the proceedings should not have an adverse affect on the sports car maker’s day to ay activities, however this wave of suspicion could do a number on the much larger Volkswagen AG, who just acquired a 42% share of the sports car maker from Stuttgart.
Source: Automotive News