3 Charged With Credit Fraud Over Porsche's VW Bid

Prosecutors allege the three understated by some $1.8 billion Porsche's funding needs if it exercised all its options on VW shares.

BERLIN (AP) — German prosecutors have filed credit fraud charges against three officials with PorscheAutomobil Holding SE, alleging they gave false information about the options the company held on Volkswagen AG share during a failed takeover attempt.

Prosecutors in Stuttgart, where Porsche is based, didn't name the three or specify whether they are still with the company. In a statement Tuesday, they said only that the three worked in the finance department.

Prosecutors allege that, in answer to a query from a bank during negotiations on financing, the three understated by some €1.4 billion ($1.8 billion) Porsche's funding needs if it exercised all its options on VW shares.

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