Porsche finance boss guilty of fraud

Former Porsche finance chief Holger Haerter has been fined €630,000 (£538,194) for misleading French bank BNP Paribas in loan negotiations in early 2009. A criminal court in Germany yesterday sentenced Haerter, who helped engineer Porsche’s unsuccessful attempt to take over Volkswagen, for making incomplete and wrong statements about the value of VW share derivatives held by Porsche at the time.