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Ex-Porsche CFO Holger Haerter found guilty of fraud in Volkswagen bid

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Haerter was fined an unspecified amount after being found guilty by Stuttgart state court. (AP) Haerter was fined an unspecified amount after being found guilty by Stuttgart state court. (AP)
SummaryHaerter was fined an unspecified amount after being found guilty by Stuttgart state court.

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 today 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. Volkswagen eventually turned the tables and took over Porsche instead.

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