FRANFURT AM MAIN: German police on Wednesday carried out raids on properties linked to two top Porsche executives and one ex-employee of the luxury carmaker as part of a fraud probe linked to the diesel emissions cheating scandal, prosecutors said.
Prosecutors from Stuttgart and Munich were joined by some 160 police officers in a search of “10 sites” in the states of Baden-Wuerttemberg and Bavaria, the Stuttgart prosecutor’s office said in a statement.
The three unnamed individuals are under investigation for suspected fraud and false advertising stemming from the manipulation of exhaust treatment in diesel vehicles manufactured by Porsche.
“The three accused consist of one member of Porsche’s executive board and one senior manager. The third accused no longer works for Porsche,” prosecutors said.
Porsche confirmed the raids in a statement to AFP, adding that searches were taking place at the company’s offices in the southwestern city of Stuttgart, as well as at Audi offices in Ingolstadt.
Both luxury brands are owned by parent company Volkswagen.
“Audi AG and Porsche AG are cooperating fully with the investigating authorities,” a Porsche spokesman said.
It is the first Porsche’s offices have been searched over the diesel cheating controversy, while raids have in the past taken place at VW and Audi.
Prosecutors declined to give further details about the raids, which come less than a week after the Volkswagen group replaced its CEO — former Porsche boss Matthias Mueller — in a bid to turn the page on the “dieselgate” scandal.
Volkswagen admitted in 2015 to using so-called “defeat device” software to cheat regulatory pollution tests in some 11 million cars worldwide, mainly in its own-brand VW cars but also in those made by Audi, Porsche, Skoda and Seat.
Mueller, who led Porsche between 2010 and 2015, took the helm of the VW group in the turbulent days after the scandal broke.
But he too came into prosecutors’ sights as the group plunged into a sea of legal challenges at home and abroad that have already cost the auto giant over €25 billion in fines, buybacks and compensation.
Stuttgart prosecutors said last year they were investigating Mueller over market manipulation, suspecting he failed to share information about the diesel cheating scandal quickly enough with shareholders.
Last Friday, Mueller was replaced as CEO by VW brand chief Herbert Diess, who has vowed to steer the company out of the crisis by pushing on with much-needed reforms and continue a shift toward electric cars and sustainable mobility.
German police raid Porsche execs in diesel probe
German police raid Porsche execs in diesel probe
- Volkswagen admitted in 2015 to using so-called “defeat device” software to cheat regulatory pollution tests in some 11 million cars worldwide
GCC debt markets poised for major growth in 2026, led by record sukuk issuance: Fitch
RIYADH: The Gulf Cooperation Council's debt capital market is set to exceed $1.25 trillion in 2026 as project funding and government initiatives fuel a 13.6 percent expansion, according to Fitch Ratings.
The region is set to remain one of the largest sources of US dollar debt and sukuk issuance among emerging markets , according to the agency, which also flagged cross-sector economic diversification, refinancing needs, and funding for deficits as drivers behind the growth.
The Gulf’s debt capital markets — which stood at $1.1 trillion at the end of the third quarter of 2025 — have evolved from primarily sovereign funding tools into increasingly sophisticated financing means, serving governments, banks, and corporates alike.
As diversification agendas accelerate and refinancing cycles intensify, regional issuers have become regular participants in global debt markets, strengthening the GCC’s role in emerging-market capital flows.
The report noted that the market is expected to be further supported by forecasted lower oil prices, averaging $63 per barrel in 2026 and 2027, and anticipated US Federal Reserve rate cuts to 3.25 percent and 3 percent in those respective years.
Bashar Al-Natoor, Fitch’s global head of Islamic Finance, highlighted the market’s resilience and the rising dominance of sukuk. “Most GCC issuers continued to maintain strong market access in 2025 and so far in 2026 despite global and regional shocks,” he stated, adding: “Sukuk funding share in the GCC DCM outstanding expanded to over 40 percent, the highest to date.”
The analysis noted the high credit quality of the region’s Islamic debt. “About 84 percent of Fitch-rated GCC sukuk are investment-grade, and 90 percent of issuers are on Stable Outlooks,” Al-Natoor added. “While there were no defaults or falling angels, there were rising stars with many Omani sukuk upgraded following the sovereign upgrade.”
In 2025, GCC nations accounted for 35 percent of all emerging market US dollar debt issuance, excluding China. Growth in US dollar sukuk issuance notably outpaced that of conventional bonds. The region’s total outstanding DCM grew by over 14 percent year on year to $1.1 trillion.
The market remains fragmented, with Saudi Arabia and the UAE hosting the most developed ecosystems.
Notably, Kuwait issued $11.25 billion in sovereign bonds, its first such issuance in eight years, while Oman’s DCM is expected to grow more conservatively as the country focuses on deleveraging. “Digitally native notes emerged in Qatar and the UAE,” the report said.
Fitch identified several risks to the outlook, including exposure to oil-price and interest-rate volatility, geopolitical tensions, and evolving Shariah compliance requirements for sukuk.
Despite this, issuers are increasingly diversifying their funding through private credit, syndicated financing, and certificates of deposit.
