UK’s leading wind energy operator launches CEO investigation

April 29, 2013 by  
Filed under Green Energy News

Payment claims trigger investigation of Vattenfall CEO

Payment claims trigger investigation of Vattenfall CEO

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The board of directors at Swedish energy giant Vattenfall have commissioned an independent inquiry to investigate claims company CEO Øystein Løseth pocketed illicit cash from a takeover deal.

In a statement released this weekend, Løseth said he welcomed the investigation into allegations he received “extra remuneration” when Vattenfall acquired Dutch company Nuon on 2009.

Lars G Nordström, president of the Vattenfall board of directors, said the investigation was intended to restore confidence.

He added: “We want to once and for all clarify whether there is any substance in the rumour that Øystein Løseth would have received any additional compensation in connection with the acquisition of Nuon.

“We therefore, in full consent with Øystein Løseth, set up an independent investigation.”

Unconfirmed rumours of additional compensation being paid to Løseth in connection with the acquisition of Nuon have recently been circulating. But since named sources of information have now been quoted the company’s directors have now launched an investigation.

“We want everybody to feel confident that the matter is thoroughly investigated,” added Nordström.

The person who will lead the investigation will be announced shortly.

Vattenfall, which is wholly owned by the Swedish Government, operates a number of onshore and offshore wind farms around the UK, including one of the world’s largest offshore farms at Thanet.

This weekend’s company statement quoted CEO Øystein Løseth as saying:“I welcome an investigation that can put an end to this rumour. It is difficult to single-handedly defend oneself against these accusations when no data is presented.

“I want to clarify that I have not received any extraordinary benefits. In connection with the transition I received regular compensation in the form of salary, bonus and pension. The payments are reported in Vattenfall’s and Nuon’s Annual Reports.”

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