Italy aerospace group CEO held over Indian chopper deal bribes
Source: Agencies |
February 13, 2013, Wednesday
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ITALIAN police arrested the chief executive of Italy's largest defense and aerospace group yesterday as part of an investigation into alleged international corruption.
Finmeccanica CEO Giuseppe Orsi is under investigation in a case involving the payment of 500 million euros (US$670 million) in bribes for the sale of 12 helicopters to the government of India. Prosecutors in Busto Arsizio, north of Milan, ordered a search of Orsi's home, as well as the headquarters of Finmeccanica's AgustaWestland helicopter division. Authorities also ordered the house arrest of AgustaWestland CEO Bruno Spagnolini.
Finmeccanica said in a statement that it will continue operating as usual and expressed support for the executives. The statement called the measures against Orsi and Spagnolini "precautionary."
Orsi has denied paying any bribes.
Finmeccanica and its executives have been the target of a wide-ranging, years-long investigation into alleged corruption in the awarding of international contracts. In 2011, Orsi took over at the helm of Finmeccanica when the previous chairman and CEO, Pier Francesco Guarguaglini, was also implicated in the bribery investigation.
Guarguaglini and his wife, who ran a subsidiary, are accused of setting up slush funds to funnel money to political parties.
Finmeccanica CEO Giuseppe Orsi is under investigation in a case involving the payment of 500 million euros (US$670 million) in bribes for the sale of 12 helicopters to the government of India. Prosecutors in Busto Arsizio, north of Milan, ordered a search of Orsi's home, as well as the headquarters of Finmeccanica's AgustaWestland helicopter division. Authorities also ordered the house arrest of AgustaWestland CEO Bruno Spagnolini.
Finmeccanica said in a statement that it will continue operating as usual and expressed support for the executives. The statement called the measures against Orsi and Spagnolini "precautionary."
Orsi has denied paying any bribes.
Finmeccanica and its executives have been the target of a wide-ranging, years-long investigation into alleged corruption in the awarding of international contracts. In 2011, Orsi took over at the helm of Finmeccanica when the previous chairman and CEO, Pier Francesco Guarguaglini, was also implicated in the bribery investigation.
Guarguaglini and his wife, who ran a subsidiary, are accused of setting up slush funds to funnel money to political parties.
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