Court rules in favour of Solar-Fabrik in EUR-1.6m damages case

Jun 6, 2012 - A first instance court in Freiburg has ruled in favour of German Solar-Fabrik AG (ETR:SFX) ordering a former executive board member to pay the company damages of some EUR 1.6 million (USD 2m), the solar module maker said today.

The former executive board member is being accused of a breach of duty over his failure to timely deliver certain important information to the remaining members of the executive board, which would have prevented the company from granting a loan to a subsidiary in 2008.

Consequently, the company had to write off around EUR 6.7 million with regard to the accounts receivables.

(EUR 1.0 = USD 1.247)

Choose your newsletter by Renewables Now. Join for free!