Although a lower court decided that two of Porsche SE’s former senior executives were not accountable in the company’s botched 2008 endeavor to purchase Volkswagen AG, the appeal court in Germany ruled they would be facing a trial after all.
Wendelin Wiedeking, the investment company’s then chief executive and the former finance chief Holger Haerter have been allegedly involved in a mastermind plan that mulled Volkswagen Group’s takeover – with the accusations claiming the duo secretly gathered shares of the German automaker six years ago.
According to the appeal court, there were “listed multiple signs that could suggest that there was a so-called hidden decision to increase the stake (in VW) as much as they could suggest an opposite evaluation by the lower court.”
Porsche SE is the family-controlled holding company that today owns a majority stake in Volkswagen AG, Europe’s largest carmaker and the world’s second biggest. Many investors have also sued in civil cases Porsche SE, claiming compensation exceeding 5 billion euros ($6.6 billion) after claiming the company actively masked its intentions to acquire the German automaker and mislead public trust. Back in 2008, Porsche SE denied takeover talks but seven months later it revealed it had a commanding 74,1% stake in VW AG.