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Porsche under investigation for market manipulation

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Porsche under investigation for market manipulation
Photo: DPA
17:16 CEST+02:00
German financial regulator Bafin confirmed Tuesday that it had filed a formal investigation against luxury sports car maker Porsche for possible market manipulation.

The investigation is based on an article from magazine WirtschaftsWoche published last Friday revealing a 2008 meeting during which Porsche took on a two-thirds majority in Volkswagen in February 25, 2008. The article alleges that Porsche leaders and a top Lower Saxony politician met on this day in Berlin. Porsche denied such rumours on March 10, 2008.

Meanwhile the state government told the magazine that the discussion did not address a VW takeover.

If the magazine's report proves correct, then Porsche's March 10 press release would be market manipulation through deception and a case will be filed with state prosecutors, a Bafin spokesperson said.

Bafin did not reveal when it expected to conclude its investigation.

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