In a move to draw a line underneath the crisis affecting Conergy’s efforts to reorganise and weather the current downturn, the Supervisory Board is seeking financial compensation from former Board members, including Hans-Martin Rüter, former Chairman at Conergy.
The current Supervisory Board said in a statement that poor business decisions and accounting practices had led to the company coming close to collapse in 2007-08. Conergy lost approximately €500 million in five quarters, until end of 2008.
The MEMC solar wafer contracts were said to have been inflated in terms of price and volume, while 1,000 jobs had been lost, which continue to burden the financial operations of the company.
The Supervisory Board said that it would immediately start settlement negotiations with the former Management Board members and would take legal action should settlements not be made.