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Finmeccanica Kickback Probe Dropped Amid Executives' Corruption Trial

Jul. 29, 2014 - 03:45AM   |  
By TOM KINGTON   |   Comments
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As two former Finmeccanica executives prepare to hear if they will be sentenced this autumn for their role in an allegedly corrupt helicopter deal, an Italian magistrate has halted a separate probe into corporate responsibility at the group.

In a statement released Tuesday, Finmeccanica said investigators shelved a probe into the company over alleged kickbacks paid to secure the 2010 sale of 12 AW101 helicopters to India.

The statement said a “negligible fine” would be paid as part of a settlement, but added that the fine did not suggest involvement “in the misconduct alleged by the Prosecutor. This decision is not in any way an admission of any wrongdoing or liability.”

Finmeccanica said the decision was a recognition of internal checks instituted within the company to prevent corruption.

The decision will not affect the ongoing trial of Giuseppe Orsi, the former CEO of Finmeccanica, and Bruno Spagnolini, the former CEO of Finmeccanica helicopter unit Agusta Westland, which may reach sentencing in October. Both deny wrongdoing.

The trial has prompted India to cancel the €560 million helicopter deal, and cash in €228 million held as bank guarantees. ■


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