Porsche CEO under investigation for financial crimes

The CEO could be facing up to 10 years in jail.

In what seems to be a growing trend in the automotive industry, officials have launched an investigation of Porsche CEO Oliver Blume over possible financial misdeeds. The probe of Blume comes just months after former Nissan CEO Carlos Ghosn was arrested for alleged financial crimes.

According to German paper Stuttgarter Nachrichten, prosecutors believe Blume made "disproportionateā€ payments to a member of Porsche's works council. Those payments may constitute a breach of fiduciary trust, which is a criminal offense in German and can carry a penalty of up to 10 years in jail.

As a part of the investigation, German officials raided Blume's offices on Tuesday. It's not clear what, if anything, prosecutors discovered in the raid.

Porsche has not commented on the situation.

Read more!