FRANKFURT Aug 5 German prosecutors will soon
decide whether to bring criminal charges of market manipulation
against the former top management of German sportscar maker
Porsche AG, magazine Der Spiegel reported.
Former Chief Executive Wendelin Wiedeking and former Chief
Financial Officer Holger Haerter have been subject to an
investigation into alleged market manipulation and prosecutors
have all but completed their case preparations, Der Spiegel
reported on Sunday, without specifying its sources.
The city of Stuttgart's prosecutors office, Wiedeking and
Haerter could not be reached for comment.
The two former executives and Porsche have repeatedly
rejected the allegations and Der Spiegel cited their lawyers as
saying the accusations were without merit.
Prosecutors in Stuttgart are about to give case files to the
executives' lawyers and give them a chance to comment on the
accusations but are otherwise ready to make their case, the
The maximum penalty for the charges prepared against
Wiedeking and Haerter is five years in prison, it said.
Wiedeking and Haerter have been accused of pursuing plans
for Porsche to take over much larger carmaker Volkswagen
while making repeated public statements to the
After chalking up billions of euros in debt following an
unsuccessful attempt to buy Volkswagen, Porsche struggled to
refinance in 2009 and was eventually forced to seek a rescue
The two car makers dropped merger plan last year because of
U.S. and German investor lawsuits accusing Porsche of covertly
amassing VW shares, causing short-sellers to lose billions.
But last month, VW and Porsche agreed a deal allowing VW to
buy the remaining half of Porsche for 4.46 billion euros
(Reporting by Ludwig Burger and Hendrik Sackmann; Editing by