Wheels24

Ex-Porsche exec denies fraud

2012-09-06 10:27

BERLIN, Germany - Porsche's former finance chief has rejected fraud charges arising from arranging credit to help the German sports car maker take over VW.

The doomed attempt was made in 2009.

News agency DAPD reported that Holger Haerter told the Stuttgart state court, as the trial opened on September 5, that he was "stunned" by the accusation.

'NOT MY WAY'


The charges focus on a battle in which Porsche built up a 51% stake in much larger VW - piling up debt just as the economy entered a deep recession. The takeover attempt eventually collapsed.

Prosecutors allege Haerter and two co-defendants provided inaccurate information in negotiations with banks regarding financing for a $12.6-billion credit line.

Haerter said he had always taken care to ensure his statements were accurate. "Deceiving business partners is not my way."

AP