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Ex-Porsche chief guilty of fraud

2013-06-06 09:03

FORMER FINANCE CHIEF FINED: Holger Haerter was fined an unspecified amount by a German court after being found guilty of fraud.Image – AFP

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BERLIN, Germany - Porsche’s former Chief Financial Officer (CFO) has been convicted of fraud for giving false information during the automaker's failed 2009 attempt to take over Volkswagen.

Holger Haerter was fined an unspecified amount by a court in Stuttgart, Germany.

VW TURNED THE TABLES

Haerter was convicted of providing inaccurate information while working on refinancing French bank BNP Paribas’ part of a R131-billion deal.

The former CFO rejected the charges and his defence had argued for an acquittal. Prosecutors wanted him behind bars.  He said: "Deceiving business partners is not my way."

Haerter has also been charged, along with ex-Porsche CEO Wendelin Wiedeking, with market manipulation involving the failed VW bid.

VW eventually turned the tables and took over Porsche instead.
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