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Porsche managers charged with credit fraud - The Local
The investigation is yet another complication in the merger between Porsche and auto powerhouse Volkswagen.

The three employees, who remain unnamed, are accused of lying to a bank about the number of options Porsche held on VW ordinary stocks in 2009, when Porsche was in talks about the refinancing of a €10 billion loan.

When the bank questioned Porsche about its financial needs during negotiations, the three suspects undervalued the options by around €1.4 billion.


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Mar 6th, 2012 at 03:22:38 PM EST
[ Parent ]
A billion? Big deal, that's a rounding error.
by Upstate NY on Wed Mar 7th, 2012 at 09:05:07 AM EST
[ Parent ]

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