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Finmeccanica delays results statement amid chopper scam news
22 February 2013

Defence supplier Finmeccanica has delayed the publication of its 2012 results as it is under investigation by Italian and Indian authorities for alleged bribery in the sale of 12 AgustaWestland helicopters to India.

After a board meeting, Finmeccanica said on Thursday that it had postponed the approval of its full-year accounts from 12 March to a new meeting to be held no later than 30 April, to "evaluate the impact of recent economic events on its balance sheet".

Italian prosecutors say that Finmeccanica paid bribes to win the 560 million (Rs4,000 crore) contract awarded in 2010 to its Anglo-Italian helicopter unit AgustaWestland.

An Indian delegation is in Italy to collect evidence relating to the probe, which resulted in the arrest last week of Finmeccanica's then chief executive, Giuseppe Orsi.

Italian prosecutors accuse Orsi of paying bribes to intermediaries to secure the helicopter deal back in 2010, when he was head of AgustaWestland. One of the chief beneficiaries of the alleged '10 per cent' kickback of around Rs400 crore is said in the prosecution's case to be the now retired Air Chief Marshal S P Tyagi, formerly head of the Indian Air Force.

Finmeccanica's executives met a senior Indian delegation in Italy on Thursday about the probe, and both sides said the talks were positive.

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Finmeccanica delays results statement amid chopper scam