The offices of Porsche have been raided by German federal prosecutors probing alleged insider trading on Volkswagen shares.
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Porsche said in a statement that that investigative proceedings led by the public prosecutor’s office have been carried out at Porsche Automobil Holding SE and Dr. Ing. h.c. F. Porsche AG, both in Stuttgart.
Bloomberg reported that the search came after the German financial regulator BaFin handed a complaint to the prosecutors office following a probe into Porsche’s attempt to gain control of VW Group.
In the raid – which took place this morning – a number of documents were seized.
According to Porsche, there is a suspicion of breaching the publication duty as prescribed by the German Stock Corporation Act and of market manipulation.
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By GlobalDataPorsche said it is rejecting these allegations while cooperating with the investigating officials ‘in order to clarify the issue as quickly as possible’.
Porsche added that those under investigation are former chief executive Wendelin Wiedeking and former chief financial officer Holger Haerter.
