Porsche managers charged with credit fraud

Several members of the finance department at high-end car-maker Porsche are being charged with credit fraud, Stuttgart state prosecutors announced on Tuesday.

Porsche managers charged with credit fraud
Photo: DPA

The investigation is yet another complication in the merger between Porsche and auto powerhouse Volkswagen.

The three employees, who remain unnamed, are accused of lying to a bank about the number of options Porsche held on VW ordinary stocks in 2009, when Porsche was in talks about the refinancing of a €10 billion loan.

When the bank questioned Porsche about its financial needs during negotiations, the three suspects undervalued the options by around €1.4 billion.

The luxury car company had run up millions in debt whilst unsuccessfully trying to buy VW.

Whether or not the three suspects are still employed at the firm is unknown, but they are also facing charges of embezzlement and market manipulation, state prosecutor Claudia Krauth said in a statement.

DPA/DAPD/The Local/jcw

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.


German man jailed for killing petrol station worker in mask row

A 50-year-old German man was jailed for life Tuesday for shooting dead a petrol station cashier because he was angry about being told to wear a mask while buying beer.

German man jailed for killing petrol station worker in mask row

The September 2021 murder in the western town of Idar-Oberstein shocked Germany, which saw a vocal anti-mask and anti-vaccine movement emerge in response to the government’s coronavirus restrictions.

The row started when 20-year-old student worker Alex W. asked the man to put on a mask inside the shop, as required in all German stores at the time.

After a brief argument, the man left.

The perpetrator – identified only as Mario N. – returned about an hour and a half later, this time wearing a mask. But as he bought his six-pack of beer to the till, he took off his mask and another argument ensued.

He then pulled out a revolver and shot the cashier in the head point-blank.

On Tuesday, the district court in Bad-Kreuznach convicted Mario N. of murder and unlawful possession of a firearm, and handed him a life sentence.

READ ALSO: Shock in Germany after cashier shot dead in Covid mask row

Under German law, people given a life sentence can usually seek parole after 15 years. His defence team had sought a sentence of manslaughter, rather than murder.

At the start of the trial, prosecutor Nicole Frohn told how Mario N. had felt increasingly angry about the measures imposed to curb the pandemic, seeing them as an infringement on his rights.

“Since he knew he couldn’t reach the politicians responsible, he decided to kill him (Alex W.),” she said.

Mario N. turned himself in to police the day after the shooting.

German has relaxed most of its coronavirus rules, although masks are still required in some settings, such as public transport.