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Prosecutor probes Porsche SE executives for market manipulation
May 10, 2017 / 3:45 PM / 7 months ago

Prosecutor probes Porsche SE executives for market manipulation

FRANKFURT, May 10 (Reuters) - The Stuttgart prosecutor’s office on Wednesday said it has launched a market manipulation probe after receiving a complaint from German markets regulator BaFin which accuses board members of Porsche Automobil Holding SE of potential market manipulation.

The probe is tied to trading in Porsche Automobil Holding shares Bafin said, and the complaint was launched in summer of 2016.

The complaint relates to disclosure issues tied to Volkswagen’s diesel cheating scandal, which came to light in September 2015, the prosecutor’s office said.

Jan Holzner from the Stuttgart prosecutor’s office said the complaint from BaFin names Porsche SE executives Matthias Mueller, Hans Dieter Poetsch, Martin Winterkorn and Philipp von Hagen. Holzner declined to comment on whether Stuttgart prosecutors have launched criminal probes against these individuals.

Matthias Mueller was chairman of Volkswagen’s sports-cars unit Porsche AG and remains on the management board of Porsche SE, a holding company which controls the Porsche family’s shares in Volkswagen. Mueller also took on the role of Volkswagen AG Chief Executive on September 25, 2015.

Hans Dieter Poetsch, who is now Volkswagen’s chairman is also Chief Executive of the Porsche Automobil Holding SE.

Porsche SE declined to comment. (Reporting by Edward Taylor; Additional reporting by Andreas Kröner and Jan Schwartz; Editing by Arno Schuetze)

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