Ex-Porsche CFO found guilty of fraud in VW bid

Ex-Porsche CFO Haerter found guilty of fraud in company's failed bid to take over Volkswagen

Associated Press

BERLIN (AP) -- Porsche's ex-finance chief has been convicted of fraud after a court found he provided false information during the German sports car marker's failed 2009 attempt to take over Volkswagen AG.

Former Porsche CFO Holger Haerter was fined an unspecified amount after being found guilty Tuesday by a Stuttgart state court, the dpa news agency reported.

Haerter was convicted of providing inaccurate information when he was working on refinancing French bank BNP Paribas' part of a 10 billion euro loan.

The ex-CFO had rejected the charges and his defense had argued for an acquittal; prosecutors wanted him to serve time in jail.

Haerter has also been charged, along with ex-Porsche CEO Wendelin Wiedeking, with market manipulation over the failed Volkswagen bid. VW eventually turned the tables and took over Porsche instead.

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