Porsche CEO Oliver Blume Under Investigation Over Illegal Payments

Shortly after it was revealed that prosecutors in Germany had raided Porsche’s headquarters in Stuttgart, it is being reported that chief executive Oliver Blume is under investigation for a possible breach of fiduciary trust.

German newspaper Stuttgarter Nachrichten claims that Blume may have approved payments to a Porsche works council member and contributed towards a misuse of corporate funds, though as Auto News notes, the publication fails to cite any sources.

The Stuttgart prosecutor’s office has declined to comment on the report. Porsche isn’t talking either, replying that it never discusses details of an ongoing investigation.

Also Read: German Prosecutors Raid Porsche Offices In Corruption Probe

German prosecutors confirmed on Tuesday that they had searched Porsche’s offices in a probe involving 176 police and tax inspectors as well as 10 state prosecutors. The authorities say that a number of Porsche managers are being investigated on suspicion of granting “disproportionate” payments to a member of Porsche’s works council. Blume’s offices were also searched during the probe, as were private homes in the German areas of Pforzheim and Karlsruhe.

In Germany, a severe breach of fiduciary trust for the potential misuse of funds is a criminal offense which carries a penalty of up to 10 years in jail.

Earlier this month, Porsche was ordered to pay a $598 million fine for their role in the diesel emissions cheating scandal in what has almost been four years of the sports car manufacturer, and parent company VW, being in the headlines oftentimes for all the wrong reasons.

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