Porsche and the Volkswagen Take-Over: First Criminal Action Coming To A Close

As previously reported, Holger Härter, Porsche’s CFO at the time of the attempted Volkswagen take-over, is facing criminal charges for his conduct in the transaction. The first trial is coming to a close now. The Stuttgart public prosecutor’s office (Staatsanwaltschaft) accused Härter and members of his finance team of having misrepresented the exposure under the option agreements to BNP Parisbas when they negotiated Porsche’s credit line and hence obtained credit by deception (Kreditbetrug; Sec. 265b German Criminal Code, Strafgesetzbuch). This is a criminal offence, even if the bank did not suffer any credit – merely having put the bank at risk suffices.

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