Former Porsche SE finance CFO Holger Haerter has been fined 630,000 euros, or $820,000, for lying to French bank BNP Paribas in loan negations back in 2009.
A criminal court in Stuttgart, Germany sentenced Haerter, who helped lead Porsche's unsuccessful attempt to take over Volkswagen to 180 daily installments of 3.500 euros for making "incomplete and wrong statements" about the value of VW share derivatives held by Porsche at the time according to Reuters.
Prosecutors in Stuttgart, where Porsche is based out of, tried getting a 3-year suspended prison sentence plus a 1 million euro fine. Haerter's lawyers meanwhile wanted an acquittal.
Testimonies by the bank's representatives in the case claimed that BNP did not feel misled according to Reuters.
The failed takeover attempt led to a number of other legal issues that are still pending as of press time.
Hedge funds are trying to get billions of euros in damages from Porsche SE, feeling that they were misled about Porsche's intentions with regard to VW in 2008.
German prosecutors have charged Haerter and former Porsche Chief Executive Wendelin Wiedeking with market manipulation regarding the purchase of VW shares as well.
Publicly traded holding company Porsche SE sold the Porsche sports car business to VW last year.
Porsche SE still owns 50.7 percent of VW's ordinary shares according to Reuters.
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