Back in 2007, Porsche CEO Wendelin Wiedeking revealed their intentions of taking over Volkswagen, during an interview on the Sunday Times. This piece of information took everyone by surprise.
The man waited for the VW law to be ruled illegal by the European Court of Justice. This law stipulated that no shareholder could have more than 20% of the voting rights of Europe's number one car manufacturer.
Anyway, things were not very good in 2010 as CEO Wiedeking and CFO Holger Harter were accused of manipulating the market and trying to cover up the losses Porsche covered after Volkswagen shares soared. A $ 2 billion lawsuit was started in the US.
Now, more trouble is getting close. Broich Partnerschaft von Rechtsanwaelten law office is also suiting Porsche. Because of the company's failure in 2008 to take over VW, they have managed to accumulate EUR 10 billion debt. As expected, Porsche spokesman said that the accusations are not justified and that they will reject all of them.
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