Deminor files USD-14.3m claim against Vestas directors

Aug 16, 2013 - Vestas Wind Systems A/S (CPH:VWS) today said Deminor International SCRL had filed a DKK-80-million (USD 14.3m/EUR 11m) claim against three former and current company heads and pointed out that it is not a co-defendant.

Early this month, the Danish wind turbine maker received a collection letter from a Danish Law firm which represents Deminor, which in turn says it was acting on behalf of over 80 private and institutional investors. At the time Deminor planned a claim of DKK 300 million.

The reduced claim now is directed against Vestas chairman Bent Erik Carlsen, chief executive Ditlev Engel and former chief financial officer Henrik Noerremark. Deminor is representing 87 individual claimants and the move is based on the same arguments as those in an existing class action lawsuit in the USA, which was filed in 2011. The lawsuit then was initiated by a pension fund requiring compensation due to changes in Vestas's accounting policy announced in November 2010.

According to Vestas, both claims are "without merit".

(DKK 1 = USD 0.179/EUR 0.134)

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