3 Charged With Fraud Over Porsche's VW Bid
BERLIN (AP) — German prosecutors have filed credit fraud charges against three officials with Porsche Automobil Holding SE, alleging they gave false information about the options the company held on Volkswagen AG share during a failed takeover attempt.
Prosecutors in Stuttgart, where Porsche is based, didn't name the three or specify whether they are still with the company. In a statement Tuesday, they said only that the three worked in the finance department.
Prosecutors allege that, in answer to a query from a bank during negotiations on financing, the three understated by some €1.4 billion ($1.8 billion) Porsche's funding needs if it exercised all its options on VW shares.