Ex-Porsche CFO Didn’t Make False Statement to BNP, Lawyer Says
By Karin Matussek - May 17, 2013 8:20 AM ET
Ex-Porsche SE Chief Financial Officer Holger Haerter’s lawyer attacked claims that a March 2009 e-mail to BNP Paribas SA (BNP)’s central credit committee may have influenced the bank’s decision to back part of a 10 billion-euro ($12.9 billion) loan.
The bank had already decided to provide Porsche the 500 million-euro share of the loan before the e-mail was sent, Anne Wehnert, Haerter’s attorney, told a Stuttgart court in closing arguments today. Prosecutors claim the message downplayed the company’s liquidity needs by 1.4 billion euros if it was to acquire a 20 percent stake in Volkswagen AG. (VOW)
“This is an artificial allegation,” Wehnert said. “The prosecution puts BNP in a victim position the bank isn’t even claiming for itself.”
Haerter is on trial with one other Porsche manager on charges they lied about Porsche’s financial condition during the failed bid for Volkswagen through derivatives. Haerter has separately been charged with market manipulation along with former Chief Executive Officer Wendelin Wiedeking over the use of options in the VW bid.
Prosecutors last week asked the court to give Haerter a one-year suspended sentence and order him to pay one million euros. They claim he said Porsche would need to spend 4.1 billion euros to gain control of Volkswagen where the correct amount would have been 5.5 billion euros.
The e-mail was sent on March 19, a few days after the Paris-based BNP credit committee had internally decided to participate in the syndicated loan. The deal was signed a few days after the e-mail was received. A Frankfurt-based BNP manager, who negotiated the agreement, had drafted the statement seeking the additional information and asked Haerter to sign it. The ex-CFO, together with two other managers, edited the text and sent it back.
Wehnert said the e-mail wasn’t about the sports-car maker’s liquidity needs, as the BNP manager thought. It instead dealt with the net purchase price, a term looking at the success of an option strategy over a period of time, rather than the exercise price of the call optionsPorsche held on VW shares.
“We have heard from witness that this is a dilettantish reading of the term net purchase price,” Wehnert said. “My client isn’t to blame that a BNP manager used a term he didn’t understand.”
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