Ex-Porsche CEO Wiedeking remains under investigation

Wendelin Wiedeking

Porsche’s ex-CEO Wendelin Wiedeking and ex-CFO Holger Haerter will remain under investigation by German prosecutors with regards to claims of stock manipulation, despite having been cleared of any wrongdoing by a an internal investigation conducted by Porsche.

Weeks after the pair were fired for opposing an integration with Porsche subsidiary Volkswagen under the leadership of rival management, German prosecutors targeted them as part of an ongoing investigation into suspected market manipulation regarding VW shares.

At its annual general meeting on Jan 29, the company plans to recommend that shareholders delay a vote that would formally approve the pairs performance, until after the investigation has concluded, which prosecutors say would be at the end of February, at the earliest.

Porsche has also said that it expects the merger with Volkswagen to be complete sometime in 2011. Volkswagen officially took a 49.9 percent stake in Porsche AG earlier this month.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)