By Ilka Kopplin
Former Porsche Automobil Holding SE (PAH3.XE) chief financial
officer Holger Haerter was found guilty Tuesday of intentionally
making false declarations during loan negotiations associated with
the attempted take-over of Volkswagen AG (VOW.XE) in 2009.
The Stuggart regional court ordered Mr. Haerter to pay a fine of
630,000 euro ($812,372). The prosecution had sought a suspended
prison term of one year and a fine of EUR1 million.
Mr. Haerter said he intends to take the legal battle to
Germany's high court. "We consider the judgment flawed for several
reasons," Mr. Haerter's lawyer Anne Wehnert said.
Prosecutors had accused Mr. Haerter of providing false
information to BNP Paribas during the refinancing of a EUR10
billion loan that was set to mature in March 2009. During the
negotiations, Mr. Haerter allegedly underestimated the net capital
requirement that would have been necessary to execute Porsche's buy
options in VW shares by around EUR1.4 billion, according to the
regional court.
Had Mr. Haerter provided the correct capital requirement, it
would have had an effect on the loan's interest rate, the court
said.
Porsche attempted to buy Volkswagen via complex share options.
The move sparked volatility in Volkswagen shares and losses for
investors. The attempt failed and Porsche was later sold to
Volkswagen.
Write to Ilka Kopplin at ilka.kopplin@dowjones.com
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