India,Italy,United Kingdom : INDIA appleas to MILAN'S ruling in the helicopter deal that was cancelled.
In 2010, the Indian Defense Ministry finalized a 560 million contract with AgustaWestland to buy 12 helicopters. India has been trying to recover its investment after scrapping the deal, citing a breach of the contract of an integrity pact, which forbids parties from using unfair practices to secure contracts.
Giuseppe Orsi, then Finmeccanica chairman and chief executive, and Bruno Spagnolini, then the head of AgustaWestland, were arrested by the Italian authorities on charges of bribing Indian officials to win the deal.
The Indian government suspended payments to AgustaWestland, but payments of more than 40% of the sum had already been made.
The Indian Central Bureau of Investigation filed for bribery charges against Shashi Prakash Tyagi, the former chief of the Indian Air Force, 12 other people and 6 companies. That investigation is still pending.
India has liquidated guarantees held by the State Bank of India and Deutsche Bank that were worth about 28 million.
The Italian court dismissed India s 278 million claim deposited as a guarantee with Deutsche Bank s Italian unit.
The Indian government is intending to pursue all options for encashment of the bank guarantees.
The Indian government and Finmeccanica have begun the process of arbitration in India.
2014 Al Bawaba (Albawaba.com) Provided by Syndigate.info , an Albawaba.com company
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 24, 2014|
|Previous Article:||India,Malaysia : IN Chennai Air Asia 1st A320 aircraft Lands.|
|Next Article:||India : FEDERAL BANK opens 100th branch in GHAZIABAD.|