The Danish State Prosecutor for Serious Economic and International Crimes informs Vestas that it will not pursue criminal charges against Henrik Norremark, Vestas' former chief financial officer (CFO), for financial transactions with a former Indian cooperation partner.
Norremark allegedly engaged in unauthorized dealings on his own and entered into two agreements with two India-based companies based totaling EUR 18.9 million.
Danish officials told the company that they have not been able to identify sufficiently compelling evidence to lead to a conviction.
Despite the decision regarding criminal charges, Vestas continues to believe that by entering into these agreements, Norremark significantly exceeded his powers as group executive. As such, Vestas will continue to prosecute civil cases in the Danish and Indian courts against the former CFO.