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Porsche?s 10 Billion-Euro Loan Scandal
By: Octavio   |    September 10, 2012   |   0 Comments (0) (0)

Porsche

It’s always weird to me when a luxury auto manufacturer gets caught up in a scandal, especially once concerning public funds. It looks like Porsche’s ex-CFO Holger Haerter has found himself in this situation and is attempting to act shocked at the allegations against him.

 

Former Porsche SE Chief Financial Officer Holger Haerter told a German court on the first day of his trial that he didn’t make misleading statements in 2009 when the company refinanced a 10 billion-euro loan ($12.5 billion).

Haerter denied charges he downplayed Porsche’s liquidity needs when negotiating with BNP Paribas SA (BNP) about a 500 million- euro share of the loan. He said prosecutors didn’t understand the complex terminology used in the discussions. Read More

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