Govt recovers 228 mn euros from Finmeccanica helicopter deal
11/06/2014 17:25
Government has cashed in 228 million euros (USD 310 million) in bank guarantees from the scrapped helicopter deal with Finmeccanica, people familiar with the matter, reported media. According to media reports, the Indian government had terminated the high-profile contract in January citing a breach of integrity after allegations of bribery emerged in Italy against executives at Finmeccanica's helicopter unit AgustaWestland a year earlier. The overall value of the multi-currency guarantee scheme with German lender Deutsche Bank, Italy's Intesa Sanpaolo and the State Bank of India was around 300 million euros. As per the reports in the media, the Indian government was able to cash in two small bank guarantees but an Italian judge later blocked efforts to recover the remaining 278 million euros. In May, an Italian court revoked the freeze on 228 million euros of that amount. "The payment of the guarantees for 228 million euros has been executed," one of the sources told Reuters, noting that India was cleared to cash in only part of the money because three helicopters had already been delivered.
11/06/2014 17:25
Government has cashed in 228 million euros (USD 310 million) in bank guarantees from the scrapped helicopter deal with Finmeccanica, people familiar with the matter, reported media. According to media reports, the Indian government had terminated the high-profile contract in January citing a breach of integrity after allegations of bribery emerged in Italy against executives at Finmeccanica's helicopter unit AgustaWestland a year earlier. The overall value of the multi-currency guarantee scheme with German lender Deutsche Bank, Italy's Intesa Sanpaolo and the State Bank of India was around 300 million euros. As per the reports in the media, the Indian government was able to cash in two small bank guarantees but an Italian judge later blocked efforts to recover the remaining 278 million euros. In May, an Italian court revoked the freeze on 228 million euros of that amount. "The payment of the guarantees for 228 million euros has been executed," one of the sources told Reuters, noting that India was cleared to cash in only part of the money because three helicopters had already been delivered.
