EnergyWatch

Tough balancing act for Vestas in case against People's Bank of China

The Danish turbine manufacturer must carefully watch its step as it tackles its ambition to claim a larger portion of the Chinese market while simultaneously taking on the People's Bank of China in court, state several analysts.

Photo: Frank Boutrup Schmidt/Vestas

Vestas is in the midst of a courtroom battle in which former executive management is accused of tampering with accounting, causing losses for investors. The manufacturer's opponents include the People's Bank of China, but seeing as Vestas is also trying to conquer a larger part of the Chinese market, this puts the turbine maker in sticky situation, according to assessments, reports Danish media Børsen.

The Chinese national bank is demanding DKK 44 million (EUR 5.9 million) and thus lays claim to a large portion of the combined lawsuit from several investors totaling DKK 70 million, which reserves the right to triple the claim to DKK 210 million. Representative for the Chinese bank, consultant firm Deminor, explains to the media that each investor can decide how Vestas' handling of the matter will impact future cooperation.

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