CPH Post

Business

Vestas scandal continues to widen

Vestas reported Nørremark to the financial crimes office back in December 2012 because of some financial transactions in India


The police are looking into whether former bosses, including Henrik Nørremark, had abused their positions to secure private financial gains (Photo: Scanpix)

May 7, 2014
13:17

by CW


The Danish financial crimes office’s 18-month investigation into a former Vestas head of finance, Henrik Nørremark, has taken a dramatic turn and has been expanded to include a number of other former Vestas bosses.

The police unit is now looking into whether the former bosses had abused their positions to secure private financial gains through business dealings in the wind turbine industry.

“I can confirm that it looks as if some employees, who have had their own companies,  have engaged in various forms of business which could be in conflict with the interests of Vestas,” Henrik Helmer Steen, the head of the financial crimes office, told Jyllands-Posten newspaper.

Steen added that it was too early to say whether current employees are also deemed to be involved in the case.

READ MORE: Vestas reports former financial head to police 

Vestas tight-lipped
Vestas reported Nørremark to the financial crimes office back in May 2013 because of some financial transactions in India, but in the last few weeks it has emerged that the wind turbine giant has lodged another police report in Germany due to other transactions involving Hans Jørn Rieks, a former head of Vestas Central Europe. That case is connected with the Nørremark case, police say.

“The connection is that we can recognise the investigative theme in the Germany case from our own case,” Steen said. “They involve the employees’ own companies, whose business is apparently linked to Vestas’ business.”

Nørremark has rejected any notion of wrongdoing, while Rieks has refused to comment on the situation. Vestas has been tight-lipped on the subject, but said that it has undertaken several internal investigations since the two former bosses left the company.



Related stories