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Indian Court Targets Porsche Board in Arrest Warrant

Indian Court Targets Porsche Board in Arrest Warrant

Nope, you’re not reading that headline incorrectly. An Indian court has issued arrest warrants for the Porsche CEO as well as eight significant board members to be jailed after they apparently extorted a local Indian supercar importer which was given Porsche’s business a few years back.

When Porsche first entered the booming nation, it appointed Precision Cars as its official importer. Precision Cars subsequently went on to make investments in seven dealerships across India before Porsche’s parent company, Volkswagen appointed itself as the firm’s new and sole importer.

If local media reports are to be believed, Porsche gave Precision Cars no notice about this with the Indian firm still being under contract when Porsche conspired against them. Consequently, Precision Cars wants those in charge of Porsche to be charged and locked up.

As a matter of fact, the case filed by Precision Cars accuses Porsche of cheating, extortion, dishonesty, criminal conspiracy and breach of trust.

Despite these serious charges, Porsche claims they are “baseless and without material substance”, with an official statement reading;

The filing of criminal proceeding is an afterthought and just an attempt by the former importer to open a new – in the view of Porsche’s local lawyers inherently frivolous – proceeding against Porsche. According to Porsche’s local lawyers said bailable warrants are effectively a form of summons which provides the named individuals with the chance to answer the allegations made in front of the court.

[Via The Truth About Cars]

Published: January 26, 2013 3:04 am

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