Tough balancing act for Vestas in case against People's Bank of China

The Danish turbine manufacturer must carefully watch its step as it tackles its ambition to claim a larger portion of the Chinese market while simultaneously taking on the People's Bank of China in court, state several analysts.

Photo: Frank Boutrup Schmidt/Vestas

Vestas is in the midst of a courtroom battle in which former executive management is accused of tampering with accounting, causing losses for investors. The manufacturer's opponents include the People's Bank of China, but seeing as Vestas is also trying to conquer a larger part of the Chinese market, this puts the turbine maker in sticky situation, according to assessments, reports Danish media Børsen.

The Chinese national bank is demanding DKK 44 million (EUR 5.9 million) and thus lays claim to a large portion of the combined lawsuit from several investors totaling DKK 70 million, which reserves the right to triple the claim to DKK 210 million. Representative for the Chinese bank, consultant firm Deminor, explains to the media that each investor can decide how Vestas' handling of the matter will impact future cooperation.

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

Ørsted aims to be number one on carbon capture

The utility hopes to win the Danish carbon capture and storage tender with a plan to capture 400,000 tonnes of CO2 by 2025 from the company’s biomass-fired combined heat and power stations.

Nordex downgrades forecast

The German turbine manufacturer has had a rougher start to 2022 so far than expected, prompting the company to downgrade guidance by EUR 200m at minimum.

Further reading

Related articles

Latest News

See all jobs