The Indian subsidiary of Siemens Gamesa Renewable Energy has reportedly fired its chief operating officer and chief financial officer after an internal investigation found he failed to conduct appropriate due diligence when engaging a consultancy that had political connections.
A Reuters report said that the unit’s former chief operating officer and chief financial officer, R. Venkatesh, is alleged to have disregarded corporate governance processes when dealing with UAP Advisors LLP. This is according to a June 28 filing in a case where Venkatesh is challenging his dismissal.
Siemens Gamesa reportedly said in the filing that significant sums of money were paid to UAP without any diligence whatsoever and without even ascertaining proof of performance, while adding that UAP had strong links with “politically exposed” persons. The size of the payments made was not disclosed.
