Danish wind turbine manufacturer Vestas said today that a legal dispute with its former chief financial officer Henrik Nørremark, RRB Energy and Eco RRB had been settled.
The settlement, which is confidential, is “conclusive and resolves all issues in dispute in multiple jurisdictions”, Vestas said.
The company added that a trial in Denmark and pending cases in India, including the arbitration proceedings, will be withdrawn.
Vestas board chairman Bert Nordberg said: “A settlement has now been reached between the parties regarding the mentioned disputes which is agreeable to all parties.”
The Danish company had started court proceedings in India in 2013 over what it claimed were unathorised transactions of up to €19m to RRB Energy and Eco RRB made by Nørremark.
Image: Vestas HQ in Aarhus (Vestas)
Settlement agreed in Vestas case
Company says trials and arbitration proceedings will be cancelled
By EBS