An Italian court Thursday sentenced the former head of Finmeccanica, Giuseppe Orsi, to two years in prison for false bookkeeping. But Orsi was acquitted of international corruption related to a $712 million deal to sell 12 helicopters to India in 2010.
Entries in AgustaWestland (11)
Former Finmeccanica CEO Giuseppe Orsi is on trial in an Italian court for offering bribes to officials in India to win a $700 million helicopter contract.
Two former managers of Finmeccanica SpA, Italy's state-controlled defense and industrial group, have been arrested over allegations of international corruption connected to a tracking system for waste-hauling trucks.
India has put on hold all existing and new deals with U.K.-based Rolls-Royce pending completion of an investigation into allegations of bribery.
An interesting aspect of the dispute that has arisen between AgustaWestland and the Indian government for the supply of 12 helicopters is the status of the arbitration agreement.
As the FCPA Blog has reported, the Indian government has rejected AgustaWestland's contentions that the contract cannot be terminated until the conclusion of arbitration on the grounds that integrity-related issues are not subject to such dispute resolution.
India has terminated a £466 million helicopter order with British-Italian company AgustaWestland International because of allegations the firm bribed officials.
India’s emergence as the largest importer of weapons in the world has coincided with well-intentioned efforts to clean up a procurement process with a history of bribery problems.
The former chairman and CEO of Italian defense giant Finmeccanica went on trial Wednesday in Italy.
Company Involved: AgustaWestland
Industry Subsector: Defense
The chairman and CEO of Italian defense giant Finmeccanica, Giuseppe Orsi, has resigned following his arrest Tuesday for alleged illegal payments overseas.
The head of Italian defense firm Finmeccanica SpA was arrested Tuesday by Italian police on allegations that he bribed Indian officials to win sales of helicopters.