Prof. Dr. Martin Winterkorn, Vorsitzender des Vorstands der Volkswagen AG, und Prof. Dr. Ferdinand Pi ch, Vorsitzender des Aufsichtsrats der Volkswagen AG 23.04.2009
Authorities trying to discover if the board helped hide VW takeover plans
The fallout from Porsche's failed takeover of Volkswagen continues as Stuttgart prosecutors have expanded their probe which is looking into allegations of market manipulation.
Automotive News is reporting that German officials are now investigating all twelve members - including Wolfgang Porsche and Ferdinand Piech - who were on Porsche SE's supervisory board between March 2008 and October 2008. They are trying to discover if any of the board members assisted former Porsche CEO Wendelin Wiedeking and CFO Holger Haerter in a market manipulation scheme that allegedly attempted to hide Porsche's interest in taking over Volkswagen.
As we have previously reported, Wiedeking and Haerter were recently charged for taking part in the alleged cover up. During an investigation, authorities discovered that the pair was plotting to takeover Volkswagen as far back as February 2008, but publically denied the plans at least five times between March 10th and October 2nd of 2008.
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