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| In case of VIP helicopters, |
| In case of VIP helicopters, a setback for India: 10-point cheat-sheet
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| INDIA
, 18-March-2014
3:25:19 AM |
| India has received a major setback in its attempt to cover itself financially after it cancelled a 12-helicopter deal with Italian defence giant Finmeccanica. The deal was cancelled in January over allegations of bribery and kickbacks
1.An Italian court has rejected a request by India to recover more than Rs. 2,360 crore in bank guarantees, backing a scrapped helicopter deal with Finmeccanica.
2.India has decided to appeal against the verdict, the Defence Ministry said today.
3.India has already encashed bank guarantees of around Rs. 240 crore deposited in banks in India but is yet to recover the bank guarantees deposited in banks of Italy.
4.The deal, signed in 2010, was for India to buy 12 top-end helicopters for use by VVIPs including the President of India for Rs. 3,600 crore.
5.India cancelled the order with Finmeccanica unit AgustaWestland in January, citing a breach of integrity relating to alleged corruption.
6.Agusta has already supplied three choppers to India. The delivery of the remaining nine was put on hold after Defence Minister AK Antony ordered a CBI inquiry.
7.India froze payments for the contract after Finmeccanica's then Chairman Giuseppe Orsi was arrested in February last year for allegedly paying bribes to secure the deal.
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