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Vestas investigating Spanish executives for fraud

Current and former executives at the wind turbine producer's Spanish subsidiary are accused of fraud Wind turbine maker Vestas has been defrauded for around 90 million kroner by employees of its Spanish subsidiary Vestas Eólica, according to a company press release.

Current and former executives at the wind turbine producer's Spanish subsidiary are accused of fraud

Wind turbine maker Vestas has been defrauded for around 90 million kroner by employees of its Spanish subsidiary Vestas Eólica, according to a company press release.

Vestas indicated that former and current Vestas Eólica executives had succeeded in whitewashing millions through shell companies partly or wholly owned by the employees themselves. In addition, payments were made on invoices for maintenance and other services never performed.

'This is a sad and unfortunate case where trusted employees have apparently betrayed the confidence and responsibilities given to them,' Vestas chief executive Ditlev Engel said in the press release.

The irregularities were discovered by Vestas Eólica at the end of 2008. The company has several auditors and attorneys gathering evidence of the crime for the purpose of prosecuting the guilty parties.

Despite the alleged fraud, Engel stated that Vestas's financial expectations remained unchanged.

Current and former executives at the wind turbine producer's Spanish subsidiary are accused of fraud

Wind turbine maker Vestas has been defrauded for around 90 million kroner by employees of its Spanish subsidiary Vestas Eólica, according to a company press release.

Vestas indicated that former and current Vestas Eólica executives had succeeded in whitewashing millions through shell companies partly or wholly owned by the employees themselves. In addition, payments were made on invoices for maintenance and other services never performed.

'This is a sad and unfortunate case where trusted employees have apparently betrayed the confidence and responsibilities given to them,' Vestas chief executive Ditlev Engel said in the press release.

The irregularities were discovered by Vestas Eólica at the end of 2008. The company has several auditors and attorneys gathering evidence of the crime for the purpose of prosecuting the guilty parties.

Despite the alleged fraud, Engel stated that Vestas's financial expectations remained unchanged.


Source: http://www.cphpost.dk/busin...

JAN 20 2009
http://www.windaction.org/posts/18679-vestas-investigating-spanish-executives-for-fraud
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