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Denmark

Denmark

Vestas settles Norremark civil disputes

DENMARK: Turbine manufacturer Vestas has agreed a settlement deal with former CFO Henrik Norremark over disputed turbine deals in India.

Former Vestas CFO Henrik Norremark left the company in 2012
Former Vestas CFO Henrik Norremark left the company in 2012

Vestas, Norremark and two companies also involved – RRB Energy and Eco RRB Infra – have reached a confidential settlement "resolving all issues".

As a result, civil cases brought in Denmark and India will be dropped.

Vestas accused the former CFO of completing two deals in India without board approval, costing the manufacturer €18.9 million. Norremark was sacked by Vestas in early 2012.

In May 2013, Vestas brought in the Danish fraud squad to investigate Norremark, which led to lawsuits being filed against the two Indian companies in July 2013 to return the money lost in the allegedly unauthorised transactions.

In June 2015, the Danish state prosecutor dropped the criminal cases due to lack of evidence. The fraud squad was unable to determine what happened to the money after it was transferred to India, meaning there was insufficient evidence for a conviction, Vestas said.

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