Ex-Porsche communications executive charged with implication in market manipulation image

Just recently we delivered the news that German prosecutors decided to drop the charges against the supervisory board members of the Porsche SE holding and the authorities have now announced they have identical charges to the firm’s former communications chief.

The German prosecutor has charged the former Porsche Se official with aiding market manipulation in relation to the acquisition of Volkswagen shares, soon after the identical charges were dropped against the supervisory board. According to the prosecutor in Stuttgart, former Porsche communications chief Anton Hunger has been charged with assisting former chief executive Wendelin Wiedeking and ex-finance chief Holger Haerter to write and then deliver to the public claimed false statements, published between March and October 2008 as Porsche SE was trying to perform a takeover maneuver on Germany’s largest automaker – Volkswagen AG. Last week the identical charges against Porsche SE’s board members, including Ferdinand Piech and Wolfgang Porsche were dropped by the prosecutor’s office in Stuttgart, without giving a motivation.

Meanwhile Wiedeking and Haerter will be on trial on October 22 even as their lawyers have said their clients were not guilty. The former executives might receive prison sentences of up to five years if they violated securities trading laws, a criminal offence, according to previous statements of prosecutors. Porsche SE has been under numerous probes and has been called by investors in court since announcing back in October 2008 they had amassed 74.1 percent of Volkswagen’s shares and were aiming to reach the 75 percent threshold that would have allowed them to pursue a takeover strategy.

Via Reuters