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
Vestas officials have stressed that the “phantom” Indian project
did not go through the company’s contract review board, as is standard
chairman Bert Nordberg has said that an inquirty by the company’s auditors and
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.