Italy closes case against Finmeccanica over VIP copter deal with India

Italian armament supplier Finmeccanica said on Tuesday that it had reached a agreement with prosecutors to settle legal proceedings over the high profile AgustaWestland helicopter contract between one of its units and India, adding this did not equal an acknowledgment of any wrongdoing.

India cancelled the €560 million order with Finmeccanica unit AgustaWestland for 12 top-end helicopters in January, citing a breach of integrity relating to alleged corruption.

The helicopters were to be purchased by the Indian Air Force but reserved solely for the use of ''VVIPs''.

Finmeccanica said prosecutors had discontinued investigations into the contract and AgustaWestland would apply to the court for a negligible fine.

"This decision is not in any way an admission of any wrongdoing or liability," it added.

It said the decision was taken "in light of the reorganization underway within the Finmeccanica Group, to refocus energies on business and market opportunities globally."