In reference to company announcements of 24 May 2013 and 2 October 2012, Vestas has initiated court proceedings in India against the two companies RRB Energy and ECO RRB.
Vestas has filed two lawsuits at the High Court of New Delhi against RRB Energy and ECO RRB to seek recovery of the amounts that RRB Energy and ECO RRB owe Vestas. In addition hereto, Vestas has in June initiated an ICC arbitrational procedure in India against RRB Energy, for payment of old debt, which RRB Energy has refused to pay. The total amount in question is approximately EUR 24m, whereof old unpaid debt accounts for approximately EUR 5m.
Vestas maintains the position as stated in company announcement of 24 May 2013 that the former Chief Financial Officer Henrik Nørremark will be held personally responsible for the losses that Vestas could incur as a result of his actions if not paid by the Indian companies. This refers only to the cancelled debt and the amount transferred to ECO RRB by Henrik Nørremark amounting to approximately EUR 19m.
”As stated on earlier occasions, Vestas is determined to reclaim the money which has been transferred to ECO RRB by instruction of Henrik Nørremark without authorisation as well as the debt which was cancelled by Henrik Nørremark, inter alia, without there being any business-related explanation to it. Vestas would have preferred that repayment could have taken place without legal steps having to be initiated, but unfortunately that has not been possible,” says Group Senior Vice President Morten Albæk.
*Depending on exchange rate corresponding to actual amounts in Rupees.
For More details : http://www.vestas.com/en/