Public prosecutors in Germany have initiated preliminary investigations against CEO Oliver Blume of car manufacturer Porsche. The local newspaper Stuttgarter Nachrichten reports that, without stating where it got that information.
The investigation is said to focus on suspiciously high payments to the former chairman of the works council, Uwe Hück. With that, Blume and other board members may have been guilty of abuse of trust at the expense of Porsche, writes the German newspaper. Reportedly, it is also investigated whether tax evasion was involved.
It was announced on Tuesday that the German authorities had invaded branches of the Volkswagen subsidiary. Among other things, the office of Blume, as well as the home of Hück, were searched. The latter, according to Stuttgarter Nachrichten, is not a suspect but a witness in the investigation.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.
