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.
According to local Italian media reports, the sentence for false invoices is limited to the years 2009 and 2010. Orsi and Spagnolini were also sentenced to one year's disqualification from public office.
The two plaintiffs, the Inland Revenue and the Indian Defense Ministry, were associated with the prosecution and have asked for compensation for moral damage and assets to be settled separately.
Finmeccanica and its subsidiaries will be allowed to continue doing business in India and will not face blacklisting, India media reported in August.
The Indian government has placed conditions, which will disallow the company from getting any new order where there is another vendor option. The government had previously put all deals with the Finmeccanica group, its affiliates and subsidiaries on hold.
The Defence Ministry decision, for which orders have been issued, will allow the group to continue with ongoing business and compete in other deals.
The MoD, last March, cancelled the $770 million deal with AgustaWestland to acquire 12 helicopters for VVIP use after the CBI lodged a first information report, following a preliminary enquiry and claims of Italian prosecutors that the company paid kickbacks to clinch the deal.
India's Defense Ministry has approved use of Russian Mi-17-V5 helicopters to transport persons of special importance, including the president and prime minister, according to Itar-Tass. According to repoorts, the defence ministry has approved the "conversion" of six new Mi-17 V5s into VVIP helicopters to replace the old Mi-8 helicopters with IAF's elite Communication Squadron to ferry the President and PM within the country
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 Italian Prosecutor has discontinued investigations relating to the 12 AW101 VVIP helicopter contract signed with the Indian ministry of Defense in 2010, Finmeccanica said in a press release on 29 July. “AgustaWestland together with the Prosecutor, have agreed to apply for a negligible fine, whilst confirming the appropriateness of their internal control systems and specifically their non-involvement in the misconduct alleged by the Prosecutor
The United Kingdom is reportedly considering launching its own investigation against AgustaWestland in connection with the Indian VVIP helicopter deal. According to Exaronews
Indias new Defence Minister Arun Jaitley will review the AgustaWestland chopper deal, according to local media reports. The Directorate General of Acquisition will present a detailed briefing before the Defence Minister on the case where 12 AW-101 VVIP choppers were being procured for the IAF, Defence Ministry officials said Monday
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
India and Russia may finally settle on a number of delayed defense deals including the Fifth Generational Fighter Aircraft (FGFA) program during Russian President Vladimir Putins visit to India this December. Putin met with Indian Prime Minister Narendra Modi during the BRICS summit in July where both leaders reportedly agreed that the $30 billion program to build 200 jets should move forward
Fincantieri and Finmeccanica signed a memorandum of understanding for naval vessels sector during the launching ceremony of Fincantieris “Pietro Venuti” submarine, the companies said in a joint statement Thursday. The submarine is the third unit of the four U212A “Todaro” class twin units ordered by the Central Unit for Naval Armament NAVARM for the Italian Navy
Finmeccanica plans to restore ties with India after an Italian court acquitted former CEO Giuseppe Orsi and former CEO of AgustaWestland Bruno Spagnolini of alleged bribery charges. “The verdict will allow us to reopen dialogue with Indian institutions, which was interrupted as a result of the investigations linked to supply of 12 AW101 VVIP helicopters to the Indian MoD,” the CEO and General Manager of Finmeccanica Mauro Moretti said in a statement
Lockheed To Supply AEGIS Weapons Systems For US’ New Guided Missile Frigates
Northrop Grumman To Support US Navy’s MQ-4C Triton UAS
Raytheon, UK MoD Sign MoU on Small Military Satellites
General Atomics Predator A Drone Completes 25 Years Of Service
Elbit Systems Pitches For Lockheed Martin F-21 Jet Project in India
Design of Russian-made 'World's Fastest Helicopter' Ready
India To Give The Final Go-ahead To $1.7 Billion C-295 Transport Aircraft
China offers Two-seat Fighter Trainer FC-1B for International Sales
US companies sanctioned by China for supplying weapons to Taiwan may be denied rare earth elements (REEs), which have critical...
While the US F-35 stealth aircraft has become one the fastest selling fighter jets in the world aircraft market, thanks...
Russian state-run Almaz-Antey has released additional data on its latest export-version of Buk-M3 Viking air defense missile system (ADMS)
The MiG-29, one of Russias most exported military jet has been upgraded in India that expands its capabilities from an...
Russian fifth generation fighter aircraft (FGFA) Su-57 will for the first time perform flights during the ARMY 2018 event near...
The American-made Patriot and Russian S-400 Triumf air defense systems are currently hogging international orders despite their price tags running...