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Porsche Officials Could Be Facing Serious Legal Trouble

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The German feds have just conducted a raid.

As the aftermath of Dieselgate winds down, Porsche is again finding itself facing potential legal problems, though this time it doesn't seem to have anything to do with excess C02 emissions. According to a Reuters report, German prosecutors alongside police and tax officials conducted a mid-day raid at Porsche AG's Stuttgart and Weissach offices as part of a broader probe investigating confidential information, while the private homes of suspected individuals received visits from authorities. The allegations also involve bribery and "breach of fiduciary trust."

German prosecutors stated that the offices of a Stuttgart-based tax consulting firm have also been searched. The Stuttgart prosecutor's office confirmed that raid included 10 lawyers and "176 members of the state criminal police of Baden-Wurttemberg."

One individual "is being probed on suspicion of having leaked confidential information to a tax advisor of Porsche AG in exchange for receiving favors." Those alleged favors remain unknown. At the same time, some unnamed Porsche executives are being investigated following suspicions of a "breach of fiduciary trust on having granted disproportionate payments to a member of Porsche's works council."

Porsche has confirmed the raids took place but could not comment any further on an ongoing legal investigation. It seems like the German authorities have serious reason to suspect yet another case of corruption.

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Whether this investigation leads to something significant remains unknown at this time, but corruption, sadly, is nothing new. Case in point: Carlos Ghosn, the now-former CEO of the Renault-Nissan-Mitsubishi alliance. Ghosn has been accused by Japanese authorities of misappropriation of funds, some of which were allegedly deposited into his bank account. He also reportedly used company funds for various personal expenses, such as his wedding and his kids' university tuition. The investigation involving these unnamed Porsche officials likely isn't as high stakes, but corruption is a serious offense.

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