Fine of 40 million to Porsche for errors in the financial statements

Cars News

The Stuttgart Public Prosecutor’s Office fined Porsche with a 40 million euro fine for failing to check the presentation of the financial statements between 2009 and 2016. According to the judges, the German premium manufacturer would have accounted for some expenses incorrectly, deriving a tax benefit. In fact, 9.9 million relate to the administrative offense, while the other 30.1 are linked to undue economic advantages. Although the investigation initially also involved six of the current board members, the prosecutor said it had dropped the charges because it failed to prove individual responsibility.
Not all the people who ended up in the investigation, however, got away without consequences: this is the case of Uwe Hück. From painter to head, for 22 years, of the Porsche Works Council, de facto the representative of the workers in the safe of the Volkswagen group. As a boxer, he was also a two-time European Thai boxing champion, a manager who spoke to Wolfgang Porsche. The parable of the 59-year-old ended in glory with the decision of the Stuttgart Public Prosecutor to dismiss the proceedings against him thanks to the payment of a fine of a sum of six zeroes that he will have to donate for charity. A “sad” ending for a man who liked the staff – he was also politically committed to the Social Democratic Party – and knew how to put his foot down when he was dealing with the top.

For the period from 2013 to 2018, the Prosecutor had suspected that with the approval of at least some members of the board of directors of the premium manufacturer Hück, he had used funds destined for the activities of the Board he chaired for personal purposes. For a decade he had hired another member of the Works Council as his personal chauffeur even though he hadn’t directed the chauffeur. And apparently if he needed catering or corporate facilities for personal purposes, the costs he was charged were below what they owed, not to mention that the benefits were declared in reduced form or not at all. Hück’s resignation in February 2019 was almost astonishing. Now they are a little less so. Both Porsche and Hück accepted the sanction.
It is not the first time that employee representatives have let themselves be enchanted by the sirens of company benefits: in the United States, FCA had admitted to having corrupted the union and in Germany, at the beginning of the Third Millennium, in Volkswagen the chief of staff had admitted to having paid prostitutes to various trade unionists for years.

Rate article
( No ratings yet )
Cars Moto News
Add a comment