Siemens Gamesa fired India exec over lack of due diligence in consultancy 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.
It did not disclose the size of the payments.
UAP provides strategic advice to companies including those in the power sector. Ameya Prabhu, the son of Suresh Prabhu who has served as railways minister and commerce minister under Prime Minister Narendra Modi, is a partner at UAP.
Venkatesh, who was fired in May, said in a statement to Reuters he was removed as the company owed him “a large amount of money” and will legally contest attempts to hurt his reputation.
