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Gaelectric has accused its former joint-venture partner in
the US of "misappropriation of company funds", "fraudulent
activity" and a "glaring lack of internal controls" in a complaint
filed with a court in Washington state.
In documents seen by the Irish Independent, the US
firm, Airdynamics, contests the allegations, countering that
Gaelectric
Northwest has engaged in “fraud and illegal activities
that warrant dismissal of its claims”.
Gaelectric Northwest was established in 2008 when Gaelectric
and Airdynamics agreed to a venture that was expected to develop
about 4,000 megawatts of windpower projects.
Airdynamics, headed by John Laney and David Richards, also
alleged that Gaelectric Northwest manipulated the financial
picture of the joint venture with a “goal of minimising the
expense of dissolution of the company”.
Airdynamics and its two principals have also accused Gaelectric
Northwest of failing to pay a promised $100,000 (€73,400)
as an offset for securing extended leases on land that would
be used for wind energy development.
Gaelectric Northwest alleged it loaned Airdynamics $100,000
that had not been repaid.
Gaelectric Northwest’s complaint against Airdynamics, Mr
Laney and Mr Richards also claimed the defendants had misrepresented
the extent and value of their potential development pipeline
and had been engaged in “self-interested transactions harmful
to the business of Gaelectric Northwest”. Mr Laney and Mr
Richards deny those claims.
Both sides have asked the Washington court to appoint a
mediator to examine the arguments, and both have sought damages.
Source - The Irish Independent
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