Italian defense group Finmeccanica delays results over India bribery probe

Last Updated: Fri, Feb 22, 2013 04:40 hrs

Italian defense group Finmeccanica has delayed publication of its 2012 results following a bribery investigation connected with the sale of 12 helicopters to Indian authorities.

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

Finmeccanica is at the centre of an Italian probe alleging that it paid bribes to win the 560 million euro contract awarded in 2010 to its Anglo-Italian helicopter unit AgustaWestland, Fox News reports.

An Indian delegation is in Italy to collect evidence relating to the probe, which escalated last week with the arrest of the then head of Finmeccanica, Giuseppe Orsi.

The Italian investigation is putting pressure on the Indian government, already buffeted by a string of corruption cases.

Italian prosecutors accuse Orsi of paying bribes to intermediaries to secure the helicopter deal back in 2010, when he was head of AgustaWestland.

According to the arrest warrant, the Indian tender was twisted to favor the Italian firm, the report said. (ANI)

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