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German court rejects case against ex-Porsche CEO

April 25, 2014

BERLIN (AP) — A German court has thrown out market manipulation charges against the former CEO and chief financial officer of Porsche over the sports car maker’s failed attempt to take over Volkswagen AG in 2009.

The Stuttgart state court decided not to send the case against ex-CEO Wendelin Wiedeking and former CFO Holger Haerter to trial, news agency dpa reported. It said a conviction wasn’t likely on the evidence available.

Prosecutors accused the two men of making misleading statements about the company’s intentions before it moved to build up its stake in the much larger Volkswagen.

Lawyers for Wiedeking and Haerter said in a joint statement Friday that the court’s decision was “unsurprising” and confirmed that the accusations were unfounded.

Volkswagen eventually turned the tables and took over Porsche instead.

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