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.
