Vestas criminal case dropped against Norremark

DENMARK: The Danish state prosecutor has dropped the criminal case against former Vestas CFO Henrik Norremark because of a lack of evidence.

Former Vestas CFO Henrik Norremark
Former Vestas CFO Henrik Norremark

In May 2013 Vestas asked the Danish State Prosecutor for Serious Economic and International Crime (fraud squad) to investigate the company's former executive over a series of deals with Indian companies without board approval.

Norremark was sacked by Vestas at the start of 2012 over the allegations, which the firm said could cost €18.9 million.

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.

Vestas said it will continue to pursue civil cases in Denmark and India over the deals, adding Norremark acted beyond his powers by entering in to the agreements.

In July 2013, Vestas filed a lawsuit against RRB Energy and ECO RRB to return the money transferred by Norremark.

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