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NINETY EIGHT REGENCY

VW Chairman Piech places personal fortune in trusts, report says

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VW Chairman Piech places personal fortune in trusts, report says

Automotive News Europe -- September 20, 2010 06:01 CET

BERLIN (Bloomberg) -- Ferdinand Piech, the chairman of Volkswagen AG and a member of the family that controls Porsche, has placed his personal fortune in two trusts, the German magazine Focus reported, citing documents establishing the arrangement.

The trusts, set up in Austria, make it “almost impossible” for heirs of Piech to sell his shares in Porsche AG and Austria-based vehicle distributor Porsche Holding GmbH, the magazine said.

Piech, 73, set up the trusts because he wants to “ensure a secure future for our companies,” Focus cited him as saying.

Some of Piech's 12 children are dissatisfied with his decision, the magazine reported, without saying how it got the information.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100920/ANE/100919839/1317#ixzz106FusxPq

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Report: Ferdinand Piech finalizes will that protects his VW/Porsche shares from the kids

by Jeff Glucker (RSS feed) on Sep 21st 2010 at 10:01AM

Ferdinand Karl Piëch, head of the Volkswagen Supervisory Board and grandson of Ferdinand Porsche, knows that nothing lasts forever – especially, life. The VW boss man has his mind on his money while his family has his money on their minds.

Piëch, born in 1937, has recently shifted his holdings into two Austrian foundations; Ferdinand Karl Alpha and Ferdinand Karl Beta. The reason behind this move is to protect the company in the event of his death. That's to say, if he dies his family can't start selling off shares like platinum hot cakes. His wife Ursula Piëch will assume control of the foundations upon his passing.

As stipulated in his will, the assets can be sold only when the managing board, the advisory board of the trust and at least nine of Piëch's 12 children all provide a "yes" vote. As you would expect, some members of the family are a little miffed. Also, under the stipulations presented in the will, Mrs. Piëch is not allowed re-marry or divorce Ferdinand after he passes on. If she does go out and find a new hubby, she gives up control of the foundations.

link:

http://www.autoblog.com/2010/09/21/report-ferdinand-piech-finalizes-will-that-protects-his-vw-pors/

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