Porsche CEO Oliver Blume said his office was among those searched by public prosecutors last week, Handelsblatt reported.
"It is true that several Porsche offices were searched on May 28, including my office," Blume told the newspaper when being asked whether he is one of the people accused by prosecutors. Blume that he could not provide any further details on the proceedings.
By approving the payments, Blume and other Porsche staffers may have contributed towards a misuse of corporate funds, the Stuttgarter Nachrichten reported last week. The investigation focuses on the suspicion of excessive payment to former works council chief Uwe Hueck, according to the report.
Porsche had previously looked into the issue of works council compensation and "this is why we have been seeking discussions with the tax authorities on the appropriateness of the compensation for a long time," Blume told the Handelsblatt.
Blume said that it is his duty to "lead by example" on governance and compliance issues and that Porsche "must constantly put governance and compliance issues to the test."
Handelsblatt said it conducted an interview with Blume in his office a few days before the raid. There was no monitor, desktop computer, laptop or paper in the office at that time, according to the newspaper.