Germany: Windreich under Investigation

On March 5, police searched the headquarters of the German wind developer Windreich, which is under investigation by the Stuttgart Public Prosecution Office, Frankfurter Allgemeine Wirtschaft reports.

The Stuttgart Prosecution Office is investigating the wind farm developer, suspected of balance sheet manipulation, investment fraud, market manipulation and credit fraud. About 35 officers from the Office of Criminal Investigation searched the company’s headquarters in Wolfschlugen and four private homes on Tuesday.

The investigations are directed against five current and former board members. .The CEO and sole shareholder of the company is Willi Balz.

The investigation was initiated after an anonymous complaint was received late November, Claudia Krauth, spokeswoman for the Stuttgart Prosecution Office, told Bloomberg.

[mappress]

Offshore WIND Staff, March 8, 2013