Siemens has been ordered to pay compensation of almost 1 million Danish crowns ($150,000) to three people who fell ill after working at a wind turbine factory, a court in the city of Aalborg in Denmark said on Thursday.
Articles filed under Legal from Denmark
The former executives are accused, among other charges, of using their positions at the company to make private side-deals in the wind turbine business, which is in direct violation of Vestas's corporate policy and Danish and German law.
The judgment is significant as it granted compensation after the erection of the wind turbines. This is contrary to the main rule in the Promoting Renewable Energy Act; however,both the city court and the high court found sufficient legal authority under the act to admit the claim after the erection of the wind turbines.
Vestas grossly misrepresented investors about its revenues on pending contracts in 2009 and 2010. Vestas continuously prided itself on the continuous rise of its order book due to rising incoming “firm and unconditional” orders. The Company kept the market closely informed about these orders and tied its own guidance for future revenues and earnings to the evolution of the backlog. However, the evolution of the order book as announced by the company cannot be matched with actual deliveries. Orders that were announced as “firm and unconditional” seem to have left the order book without having given rise to deliveries (for an amount of approximately EUR 1.4 bn).
Vestas has filed lawsuits against the two Indian companies embroiled in the Danish company's row with former CFO Henrik Nørremark. Vestas has filed the lawsuits in New Delhi's high court against RRB Energy and ECO RRB for the return of money handed over by Norremark, in deals that were not sanctioned by the Danish company's board.
Corruption is defined as moral decay, and that is precisely what we are witnessing here. The fear that Denmark could lose jobs and the near religious obsession with wind power has made politicians deaf and blind to objections to wind as a source of energy, and led them to take part in the industry's fraud. The environmental and human impacts of what they are doing appear to have no effect on them.