A Milan court on Monday upheld an appeal lodged by Finmeccanica subsidiaries “seeking an emergency interim ruling” on the contract with the Indian MoD to supple 12 AW 101 VVIP helicopters.
The Court confirmed the ruling issued last January 8, prohibiting, as a preventive measure, Deutsche Bank S.p.A. to pay the collateral of over EUR 278 million deposited in relation to the contract.
“The decision of the Milan Court upheld almost all the claims made by the two companies (AgustaWestland S.p.A. and AgustaWestland International Ltd), recognizing the patently abusive behaviour of the Indian Defence Ministry in demanding the payment of the collateral on the grounds of generic allegations in relation to the unspecified non-performance of contractual obligations,” Finmeccanica said in an official statement.
Limitedly to the roughly EUR 28 million in warranty bonds, which have already been paid out by the State Bank of India and by Deutsche Bank A.G., and to the earnest money deposit of approximately EUR 350,000, the Court of Milan declared lack of jurisdiction and refrained from deciding on the issue.
Referring to press reports related to the possible cancellation of the contract for the supply of 12 VVIP AW101 helicopters to India, Finmeccanica confirms that its subsidiary company, AgustaWestland, has received no such communication from Indias MOD. Finmeccanica is confident in India's reputation for fair and transparent proceedings and respect for the rule of law, for which India has an established reputation
Indian Defense Minister A K Antony today said that the delivery of AW-101 helicopters for VIP use from AugustaWestland is on schedule. The announcement comes as a surprise since the Minister only last month ordered an inquiry into the alleged ‘malpractices’ involving the deal
AgustaWestland today announced that a contract has been signed by the Government of India for the acquisition of twelve AW101 helicopters that will perform government transport duties. The contract, valued at around € 560 million($764 million), includes an extensive five year logistic support service and initial aircrew and technician training
Former CEO of Finmeccanica, Giuseppe Orsi and former CEO of AgustaWestland Bruno Spagnolini have been sentenced to two years in prison in the Indian VVIP helicopter deal scam. The duo have been found guilty of false invoicing and have been acquitted of alleged bribery charges
In connection with the judicial proceedings regarding the supply of 12 AW101 VVIP helicopters to the Indian Government, Finmeccanica today said that the judge for pre-trial investigations has decided today to grant the request for monetary measures made by the two Finmeccanica-owned companies AgustaWestland SpA and AgustaWestland Ltd, jointly with the Public Prosecutor. The judge has, in accordance with the said requests, decided to endorse the imposition of an 80,000 Euro fine regarding AgustaWestland SpA and of a 300,000 Euro fine, alongside the confiscation of 7
The Central Bureau of Investigation (CBI) said that it would go ahead with its probe into a scrapped helicopter contract with Finmeccanica on Wednesday, a day after prosecutors in Italy agreed to settle legal proceedings against the defense group. Kanchan Prasad, a spokeswoman for CBI, told Reuters the development in Italy did not affect India's probe of the deal
Finmeccanica - AgustaWestland was honored with the 2014 American Helicopter Museum and Education Center Achievement Award for Project Zero tiltrotor demonstrator. Led by Dr
Gianni De Gennaro, chairman and other board of directors of Finmeccanica approved guidelines to implement new Group Organizational and Operating model. The new model includes new perimeter operating companies, 100% owned by Finmeccanica, of the Aerospace and Defense core business
Finmeccanica-AgustaWestland and Beijing Automotive Industrial Corporation (BAIC) have signed a Memorandum of Understanding (MoU) to pave the way to industrial cooperation for the marketing, maintenance and training for helicopters to be used exclusively for public purposes. The contract was signed at the Italy-China Business Forum held in Beijing, in the presence of Italian Prime Minister, Matteo Renzi and Chinese Premier, Li Keqiang
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