Thursday, 10 January 2013

Jaipur Court issues arrest warrant for Porsche's CEO and eight Board members

A Jaipur court has issued a warrant of arrest against Matthias Mueller, the global CEO and chairman of iconic sportscar maker Porsche AG, and eight other board members of the company in a cheating case filed by the company’s former importer, Precision Cars India.

Acting on the November 5, 2012 court order, the local police and the Central Bureau of Investigation approached the Interpol, as the accused in the case were based in Germany and the UAE. The charges pertain to cheating, extortion, dishonestly inducing delivery of property, criminal breach of trust and criminal conspiracy. Porsche India could not be reached for comments

At the heart of the dispute is the appointment of Volkswagen Group Sales India last April as the sole importer of Porsche cars in India, keeping in dark its eight-year-old importer Precision Cars.

The latter filed six cases in various locations against Porsche AG in India even while arbitration proceedings were underway in Dubai.

“We have always made bona fide efforts to sort out the issues with Porshce, but they have ... not given any support in resolving these issues,” a spokesperson for Precision Cars India said. “We were left with no choice but to pursue the matter legally.”


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