Settlement of legal proceedings in Denmark and India concerning former Chief Financial Officer Henrik Nørremark, RRB Energy Limited, and Eco RRB Infra Private Limited
In announcements nos. 36/2012 of 2 October 2012, 22/2013 of 24 May 2013 and 33/2015 of 24 June 2015, Vestas provided information on the disputes concerning Vestas' former CFO, Henrik Nørremark, RRB Energy Limited, and Eco RRB Infra Private Limited as regards financial transactions and project developments.
After successful negotiations among the parties, a confidential settlement has been concluded, which is conclusive and resolves all issues in dispute in multiple jurisdictions.
Consequently, the trial in Denmark and the pending cases in India, including the arbitration proceedings, have been and will be withdrawn.
The Chairman of Vestas' Board of Directors, Mr Bert Nordberg states: “A settlement has now been reached between the parties regarding the mentioned disputes which is agreeable to all parties.”
Vestas Wind Systems A/S, Denmark
Michael Zarin, Head of External Communications & Media Relations
Tel: +45 4084 1526
Hans Martin Smith, Senior Vice President, Investor Relations
Tel: +45 9730 8209