In the offices of Porsche were mass searches

In the offices of Porsche were mass searches

May 30, 2019 0 By autotimesnews

German prosecutors are looking for evidence of the involvement of its CEO Oliver Blum in financial misuse in Porsche.

In addition to the offices of the sports car manufacturer in Stuttgart and Weissach, searches were conducted at the tax authorities, the law firm of the tax consultant, as well as in private residences in the Karlsruhe and Pforzheim areas, as well as in the Ostalb district. The Stuttgart prosecutor’s office informed that 176 police and tax inspectors, as well as 10 state prosecutors participated in the searches of Porsche as part of the court proceedings. The representative of Porsche confirmed the fact of the investigation and said that the company‚Äôs management is ready to cooperate with the authorities.

The auditor checking the company, according to the German authorities, was bribed to transfer secret information to the Porsche tax consultant, reports Stuttgarter Nachrichten. In addition, there is a suspicion that the former member of the board of directors of the company was paid a disproportionately high remuneration.

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As a result of this case, five Porsche employees can be punished, including some executives and tax advisors.

The possible abuses of company funds by executives are a criminal offense in Germany and can lead to a punishment of up to 10 years in prison. However, this is a question that has been discussed, for example, the former CEO of Deutsche Bank, Josef Ackermann, was tried in court for abuses related to the provision of excessive premium payments to the management of Mannesmann. Later, the charges were dropped in exchange for 3.2 million euros ($ 3.6 million) without criminal penalties and fines.

All this is very similar to the investigation carried out against the leaders of Volkswagen. There, the prosecutor also first checked the information about excessively high salaries of managers. Moreover, the top managers themselves were not among the defendants, but after that Volkswagen temporarily limited the amount of their remuneration.