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India issues final show cause notice to AgustaWestland-govt official

NEW DELHI (Reuters) - India's defence ministry has issued a final "show cause" notice to AgustaWestland seeking to cancel a deal to buy a dozen helicopters and has given the company 21 days to reply, a government official said on Wednesday. The official said the company, a subsidiary of Finmeccania, has been asked to explain why action should not be taken against it for violating the terms of the pre-contract integrity pact. Earlier this month, AgustaWestland has invoked arbitration over the scandal-tainted deal.

Finmeccanica in draft deal to sell Ansaldo Energia stake: source

By Massimo Gaia MILAN (Reuters) - Italy's Finmeccanica <SIFI.MI> has reached a preliminary agreement to sell a majority stake in power unit Ansaldo Energia to South Korea's Doosan Heavy Industries <034020.KS>, a source with direct knowledge of the situation told Reuters. The draft deal places an enterprise value of between 1.2 billion euros and 1.4 billion euros ($1.8 billion) on the whole of Ansaldo Energia, which produces gas turbines and employs about 3,000 people in Italy.

Finmeccanica up on report Doosan closer to unit stake bid

MILAN/SEOUL (Reuters) - Shares in Italian defense group Finmeccanica <SIFI.MI> rose 7 percent on Thursday on a report that South Korea's Doosan Heavy Industries & Construction <034020.KS> was planning to raise money to buy a majority stake in energy unit Ansaldo Energia.

Indian auditor criticises Italian chopper deal

Indian auditors accused the government Tuesday of breaking its own procurement rules to award a $748-million helicopter contract to Italian-owned AgustaWestland, which is under investigation for bribery, the Press Trust of India reported. The deal to purchase 12 luxury helicopters for use by VIPs came under scrutiny in India earlier this year after investigators in Italy began looking into allegations that AgustaWestland had paid bribes to foreign officials.

Indian auditor criticises Italian chopper deal

Indian auditors accused the government Tuesday of breaking its own procurement rules to award a $748-million helicopter contract to Italian-owned AgustaWestland, which is under investigation for bribery, the Press Trust of India reported. The deal to purchase 12 luxury helicopters for use by VIPs came under scrutiny in India earlier this year after investigators in Italy began looking into allegations that AgustaWestland had paid bribes to foreign officials.

Trial opens against former Finmeccanica CEO in corruption case involving helicopter deal

MILAN - The former head of the Italian aerospace and defence giant Finmeccanica goes on trial in a case involving alleged bribes to win a 560 million euro ($670 million) helicopter contract in India. Giuseppe Orsi, who resigned in February, faces corruption charges in a case that has tarnished the state-controlled company. Also on trial is Bruno Spagnolini, CEO of AgustaWestland, the defence contractor's helicopter division.

Former Finmeccanica chief released from jail

MILAN (Reuters) - Former Finmeccanica <SIFI.MI> Chairman and CEO Giuseppe Orsi, who faces a trial in June over allegations of corruption in a helicopter deal with India, was released from jail on Saturday, his lawyer said. Orsi was arrested on February 12 on a warrant alleging he paid bribes to win a 560 million euro ($727 million) contract to sell helicopters to India in 2010, when he was at the helm of Finmeccanica's helicopter unit AgustaWestland.

Finmeccanica posts $1 billion loss in 2012 on DRS writedown

MILAN/ROME (Reuters) - Finmeccanica <SIFI.MI> reported on Tuesday a 786 million euro (669.7 billion pounds) net loss in 2012 mainly because of a goodwill writedown on its U.S. defence electronics unit DRS. In the first set of results under new chief executive Alessandro Pansa, the state-owned defence contractor said it could sell asset to beef up its balance sheet and predicted a fall in 2013 revenues and broadly stable core profits.

India puts off purchase of 197 helicopters over bribery claim

NEW DELHI (Reuters) - India on Tuesday deferred a decision on a deal to buy 197 light-utility helicopters pending completion of an investigation into kickback allegations, the latest setback to efforts to upgrade the country's ageing arsenal. A previous tender to buy 197 helicopters for the army for $550 million (363 million pounds) collapsed in 2007 after claims of irregularities in the field trials.

India vows to change weapons import procedures

India said on Monday it plans to draft new arms procurement procedures in the wake of a corruption scandal involving Italian helicopters -- just two years after the rules were last overhauled. The redrafting could mean fresh delays to India's ambitious programme of arming its million-plus military with latest hardware, experts say. "Within a few months, we are going to change the defence procurement procedure again," Defence Minister A.K. Antony told parliament. The procurement policy was last revised in 2011.
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