EnergyWatch

Media: Investors accuse Vestas of prolonging case

The legal conflict between a group of institutional investors and former Vestas management has now stretched into its fourth year, with the group blaming Vestas for intentionally prolonging the case.

Photo: Frank Boutrup Schmidt/Vestas

In 2013 a case was launched against Vestas' former management for misleading financial statements, but it remains under preparation. The group behind the case, made up of 60 institutional Vestas investors, has accused Vestas of delaying the case according to Danish daily Børsen.

The group is made up of Commerzbank, a state central bank, and a pension fund for teachers in texas. The group demands more than DKK 70 million (EUR 9.4 million) in damages and has also reserved the right to triple the amount. The group is advised by Belgian consultants Deminor, with partner Erik Bomans explaining that for the fourth year in a row, the parties are battling over procedural issues rather than whether the reports were misleading or not.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Vestas awaits clarity on major US green energy funding

After a second quarter that, to put it mildly, was disappointing on order intake, the Danish wind turbine manufacturer intends to maintain its price strategy. Major green energy funding from the US spells promise, but Vestas is waiting for final clarity.

Media: Russia blocks Western utilities' asset sales

According to Russian media Kommersant, the country’s authorities have frozen divestments of, among others, Enel and Fortum’s power plants and wind farms. The Finnish utility is analyzing the situation, however without confirming implication.

Further reading

Related articles

Latest News

See all jobs