A Stuttgart state court has convicted former Porsche Chief Financial Officer Holger Haerter of fraud. The charges were brought against Haerter following Porsche's failed takeover of Volkswagen in 2009.
The German court convicted Haerter after it determined that the former Porsche executive provided false information during the automaker's attempted takeover of VW. Specifically, Haerter provided inaccurate information when trying to refinance a 10 billion eruo loan with French bank BNP Paribas.
The former CFO was fined an unspecified amount for his conviction. Prosecutors had been pushing for jail time.
Haerter maintains his innocence.
Haerter is still facing charges – along with former Porsche CEO Wendelin Wiedeking – of market manipulation. That case is pending.
Following its failed takeover, Porsche was purchased by VW in late 2009.
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