Scandal pits Porsche-Piech families against labor, regional interests
Former Porsche SE execs, including Wendelin Wiedeking, Holger Haerter, and now Anton Hunger, have been indicted for alleged stock manipulation during the failed takeover of Volkswagen. Prosecutors dropped charges against Ferdinand Piech and Wolfgang Porsche.
Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out durin
For the past 15 years Ferdinand Piech has been the guiding force behind Volkswagen, first as CEO and Chairman, and since his mandatory retirement in 2002, as Chairman of the Supervisory Board. Before that he headed Audi and helped to cultivate the four-ringed brand's engineering reputation. However, the Piech era may be drawing to a close as the Porsche takeover of VW looks set to break out into intra-family warfare. While Porsche is public company, much of the voting control is held by members