Public prosecutors in Stuttgart have charged Windreich founder Willi Balz and seven other people affiliated with his offshore wind development company with a series of offences following four years of investigations.
Officials in Germany listed the offences as delayed filing of insolvency, aiding and abetting at various Windreich subsidiaries, fraud amounting to several million euros, obtaining credit by false pretences, falsification of balance sheets, neglect of reporting duty and fraudulent preference of a creditor as well as insider trading.
Balz (pictured) told reNEWS: “I am neither a fraudster nor a failure as a businessman.”
He added: “My businesses were not insolvent before we went into administration. One of the problems we faced was the undervaluation of our projects.”
Investigations into Windreich started in 2013 and initially included 20 individuals, the public prosecutors said. Charges against 12 individuals were not pursued.
Following the charges, a regional court in Stuttgart will determine whether to conduct penal proceedings.
Image: Windreich
Eight Windreich officials face court
Investigations started in 2013 and initially included 20 individuals
By EBS