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Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

Porsche Shows Off 718 Cayman In New Video | Autoblog Minute

Porsche released new video of the 718 Cayman. With US deliveries for the turbo charged Cayman are set for November, buyers have the choice between the 718 Cayman and 718 Cayman S.

Russian President Putin's new limo makes debut ahead of 2017 production

What's the best way to ignore an international money-laundering scandal that's allegedly revealed your link to $2 billion in off-shore accounts? Why yes, you get a new car. While information from the so-called Panama Papers is still being uncovered, Russian President Vladimir Putin's new Russian-made ride has been unveiled. Unlike US President Barack Obama's Cadillac-badged Beast, Putin's Kortezh will be available to any Russian that has the means. A total of 5,000 will be built in four different styles – limo, sedan, SUV, and minivan – although only 200 will roll off production lines next year, Sputnik News reports. Deliveries are expected to start in late 2017, while assembly will carry on through 2020, the Moscow Times reports. Commerce and Industry Minister Denis Mantrurov confirmed that Porsche has been brought in to help develop the Kortezh's powertrain. Whether that engine ends up being the turbocharged V12 we reported on way back in October 2014 isn't clear, though. Regardless of what's sitting under that long hood, we're betting it's going to be extremely powerful. Putin will likely take delivery of the Kortezh in 2017. Related Video: