Former CFO of Danish wind turbine manufacturer Vestas Wind Systems A/S (OMX: VWS) Henrik Nørremark and the company are entering a legal dispute according to his lawyer Morten Samuelsson. He plans to call CEO Ditlev Engel to testify on the matters. Nørremark was let go in the beginning of this year following profits warning that dealt a blow to the credibility of the company in the eyes of investors. At that time other senior executives were also let go and newspaper Jyllands Posten writes about their grievances with the company as well in its paper print.
Vestas had received heads up from Jyllands Posten that details would be carried in the newspaper today and announced yesterday that it had terminated severance agreement with the former CFO in the beginning of September. Vestas claimed it had discovered Nørremark had overstepped his powers in binding the company to two agreements in India, which resulted in multi-million Euro losses for the company. The unusual step to go public with such detailed accusations prior to completion of the matter was said to result from a thorough audit and legal investigation. According to Samuelsson, it comes just days after a written explanation on the matters in question was delivered to Vestas.
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