29 Jul '13, 8am

Wind turbine maker Vestas sues Indian companies for unpaid debts:

Wind turbine maker Vestas sues Indian companies for unpaid debts 29 Jul 2013 Danish wind turbine manufacturer Vestas has initiated court proceedings in India against RRB Energy and ECO RRB in order to reclaim unpaid debts. Vestas has filed two lawsuits at the High Court of New Delhi and has initiated an ICC arbitrational procedure in India against RRB Energy, for payment of old debt, which RRB Energy has refused to pay. The total amount in question is approximately €24m, with old unpaid debt accounting for approximately €5m. Vestas said its dismissed former chief financial officer Henrik Nørremark will be held personally responsible for the losses that Vestas could incur as a result of his actions if not paid by the Indian companies. This refers only to the cancelled debt and the amount transferred to ECO RRB by Henrik Nørremark, amounting to approximately €19m. ”As stated...

Full article: http://www.newenergyworldnetwork.com/investor-news/renewa...

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