India has barred Finmeccanica and its five subsidiaries from participating at the upcoming defense exhibition DEFEXPO 2014 in New Delhi next week.
The fallout from the VVIP helicopter deal will keep out subsidiaries AgustaWestland, Selex, Alenia Armacchi, Oto Malera and WASS, all of which are vying for contracts worth an estimated USD6 billion, from participating in the show.
Besides Finmeccanica, the Government of India has barred 27 domestic and overseas from attending the show.
According to various reports, Finmeccanica has already paid the participation fees for the show and this would be returned to it shortly through online banking procedures.
In February last year, India froze payments for the helicopters and launched the official probe after Italian police arrested Giuseppe Orsi, Finmeccanica's then chairman and chief executive, for allegedly paying bribes to middlemen to secure the deal.
India has already taken delivery of three AW101 choppers and is seeking repayments worth some $367 million. The fate of these helicopters remain unclear however, AgustaWestland has says that it remains “committed to working with the Government of India to resolve the issues, and is ready to perform the remaining obligations under the agreement.”
The firm will continue to support the three helicopters already delivered to and currently operated by the Indian Air Force, the statement added.
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
Finmeccanica will showcase its latest aircraft at the international event at the Dubai Airshow next week with AgustaWestland and Alenia Aermacchi participating, the company said in a statement. "This year Finmeccanica and its companies Alenia Aermacchi, AgustaWestland and Selex ES will participate to this important event
Finmeccanica does not run the risk of being blacklisted in India despite ongoing investigations pointing to money laundering and corruption, according to reports. And still remains a candidate in an Indian government bidding contest for helicopters
India's lead investigation agency the Central Bureau of Investigation (CBI) on Wednesday questioned former air force chief of staff SP Tyagi in the VVIP-AgustaWestland helicopter bribery scandal. The agency say they are looking into allegations that several officials including Tyagi received kickbacks from AgustaWestlands parent company Finmeccanica to ensure the company wins the helicopter competition
The Finmeccanica group has today appointed Alessandro Pansa as the companys CEO and COO after his predecessor Giuseppe Orsi was arrested on charges on money laundering and corruption. Pansa, who was COO of the company, will be “insuring comprehensive management of the company and the group,” the firm said in a statement
Finmeccanica - AgustaWestland was honored with the 2014 American Helicopter Museum and Education Center Achievement Award for Project Zero tiltrotor demonstrator. Led by Dr
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
Axis Aerospace & Technologies Ltd (AAT) unveiled today their Air Recognition Training Simulator (ARTS) at the Defexpo 2014. ARTS is a 3D training tool which trains Air Defence operators to use WEFT Methodology to identify the major features of an aircraft - the Wings, Engines (s),Fuselage, and Tail features of fighters, helicopters, UAVs and transporters
The Indian Defence Ministrys decision to ban 27 domestic and international firms from attending Defexpo 2014 has caused show organizers with the losses over $480,000. Due to the cancellation of bookings of Finmeccanica and its subsidiaries AgustaWestland, Selex, Oto Malera, Aleania Aermachhi and WASS in view of a pending CBI probe against them, has resulted in the loss, according to the Economic Times
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