Porsche gets raided by the Rozzers!

Not having a good time of things lately, the boys in Stuttgart. First Porsche effectively go bust trying to take over Volkswagen, and now the Rozzers have been in to turn the place over. Oh, dear.

Porsche has announced that this morning, officials from the public prosecutor’s office in Stuttgart with judicial search warrants arrived at the administrative headquarters of the companies in Stuttgart-Zuffenhausen. The officials then searched the business premises of the companies, seizing numerous business documents in the process.

It appears that the whole thing revolves around Porsche’s failed takeover bid for Volkswagen, and the implication is that former Porsche boss Wendelin Wiedeking and former Chief Financial officer for Porsche, Holger Härter, are suspected of manipulating the market and of failing to disclose certain documents. Which is a tad naughty, if there’s any substance to the allegation.

But really, with the way the price of VW options soared after Porsche jumped in to the market – and sat on a huge paper profit –  it’s hardly a surprise that the authorities are taking a look.

Let’s see what turns up. It’s certainly an interesting twist on the Porsche/VW debacle.