Siemens Gamesa fires top India exec over lack of due diligence in dealings

Siemens Gamesa Renewable Energy’s India unit fired a top executive after an internal investigation found he failed to conduct appropriate due diligence when engaging a consultancy with political connections, court filings seen by Reuters showed.

The unit’s former chief operating officer and chief financial officer, R. Venkatesh, disregarded corporate governance processes when dealing with UAP Advisors LLP, according to a June 28 filing in a case where Venkatesh is challenging his dismissal.

“Significant sums of money were paid to UAP without any diligence whatsoever and without even ascertaining proof of performance,” Siemens Gamesa said in the filing, describing UAP as having strong links with “politically exposed” persons.