Former Vestas CFO charged - report

Former Vestas CFO Henrik Nørremark has been formally charged by Denmark’s Public Prosecturor for Serious Economic and International Crime (Fraud Squad), according to local press reports.

Danish newspapers quote a deputy public prosecutor as saying the Nørremark has been charged with acting beyond his authority in connection with the so-called “Project Dragon”, and has been asked to report to police officers for questioning.

Project Dragon reportedly involved Vestas purchasing Chinese turbines in India to analyse them.

Vestas says that no turbines were delivered nor any project built and that it is trying to recover payments of €18.9m ($24.5m) related to “unauthorized” transactions in India.

Vestas officials have stressed that the “phantom” Indian project did not go through the company’s contract review board, as is standard procedure.

Vestas chairman Bert Nordberg has said that an inquirty by the company’s auditors and lawyersproved that neither the board nor the group president and CEO have been involved in or have had any knowledge of the mentioned transactions”.

Norremark has denied all allegations of fraud through his lawyers.