Vestas & RRB old debt issues

Location: India/ Denmark
26th July 2013  To: 26th July 2013

Vestas said in a statement it had also initiated arbitrational procedure against RRB Energy for payment of old debts.

It said the total amount in question amounted to 24 million euros, of which 5 million is in unpaid debt.

The former chief financial officer of Vestas, Henrik Norremark, is being investigated by Denmark's fraud agency over deals with the two companies.

Vestas said in the statement that Norremark would be held personally responsible for losses resulting from his actions if the amount is not paid by the Indian companies.



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