Porsche and Luxury Hotel

stone castle: As he has almost every year for decades, Porsche trekked through the woods above the blue waters of Lake Zell and dined at Schloss Prielau, a 16th-century stone castle he transformed into a luxury hotel, according to The Toronto Star. What Porsche didn’t do is take a clear stance as the carmaker his grandfather helped create sank into crisis. He put on his boots, picked up his rifle, and went deer hunting near the half-timbered Austrian farmhouse where he spent his childhood. In September, Volkswagen acknowledged equipping 11 million diesel vehicles with software designed to trick emissions testers — revelations that have cost the CEO his job and thrown top management into disarray. Bound by a tradition of consensus and discretion honed during their privileged upbringing along the German-Austrian border, family members have remained virtually mum. The crisis has sent the company shares down by more than 20 per cent, cutting the family wealth by $2 billion . Last Friday, VW posted the biggest loss in its history and more than doubled the funds set aside to cover the costs of the emissions scandal to 16.2 billion euros . Despite bearing one of most storied names in automotive history, the family — which controls 52 per cent of VW voting shares via a company called Porsche Automobil Holding SE — wasn’t prepared for a challenge like the diesel crisis. (news.financializer.com). As reported in the news.