Insolvent German wind park group Prokon faces claims for damages
Jun 9, 2014 -The insolvency administrator of German wind park group Prokon said Friday he is considering filing a claim for damages on behalf of investors against CEO Carsten Rodbertus.
Investors have lost more than EUR 500 million (USD 682m) due to the investment decisions made by Rodbertus, administrator Dietmar Penzlin said.
It has also emerged recently that Rodbertus has bought a Cessna plane at the company's expense.
Prokon, which operates 50 wind parks, has developed into a cautionary tale for investors in Germany lured by promises of hefty profits. The company had collected EUR 1.4 billion from investors by selling so-called profit-participation rights that promised annual returns of at least 6%.
Prokon's insolvency has prompted Germany's justice minister to vow to introduce tougher rules for such investments.