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Old 4th June 2013, 20:21   #1
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Default Ex-Porsche CFO Haerter ‘Aghast’ at Criminal Case Over Bank Loan

A German criminal court has slapped the former Porsche chief financial officer with a €630,000 fine for mis-leading investment bank BNP Paribas in over loan negotiations in 2009.
Ref: Ex-Porsche CFO Holger Haerter Fined For Credit Fraud in Volkswagen Case

In a March 19, 2009, statement to BNP Paribas, which Haerter signed and the two other managers helped to set up, they understated Porsche’s liquidity needs by 1.4 billion euros, had all purchase options the company then held on Volkswagen shares been exercised, prosecutor Reto Woodtli said when reading the indictment. They also didn’t mention 45 million put options Porsche had sold on VW shares, he said.
Ref: Ex-Porsche CFO Haerter ‘Aghast’ at Criminal Case Over Bank Loan
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