Helikopterkorrupsjon

Finmeccanica - Rotten to the core?

Guiseppe Orsi in a corporate bio photo from Finmeccanica.

 AgustaWestland CEO, ex-CEO Arrested in Bribery ProbeItalian police arrested the current and former CEOs of AgustaWestland on bribery charges this morning and raided the company’s Milan headquarters. Giuseppe Orsi, who served as the helicopter manufacturer’s CEO until December 2011 and is currently head of its parent company, Finmeccanica, was taken into custody, while current AgustaWestland CEO Bruno Spagnolini was placed under house arrest. The charges stem from alleged bribes paid by AgustaWestland in 2010 to facilitate the $749 million sale of 12 AW101 heavy helicopters to the government of India for VIP transport. Other individuals involved in the transaction were arrested last year. In a statement, Finmeccanica expressed confidence in the executives and the Italian judicial system, and said the arrests would not affect ongoing business or development programs. Orsi has known of the investigation for some time, long maintained his innocence and offered to resign last year if Italian Prime Minister Mario Monti requested it. His arrest comes less than two weeks before nationally scheduled elections. Finmeccanica is 32-percent owned by the Italian government and Orsi is leading a politically unpopular campaign to divest the company of its unprofitable non-core assets, including energy and rail car manufacturing.

AgustaWestland has delivered three of the helicopters already with the full order expected for completion by the end of 2013. This breaking news follows Finmeccanica’s participation in the Aero India airshow in Bangalore, India, last week.

Current AgustaWestland chief Bruno Spagnolini and two others are reported to be under house arrest.

A statement issued today by Italian organization read: “Finmeccanica expresses support for its Chairman and CEO, with the hope that clarity is established quickly, whilst reaffirming its confidence in the Judges.”

In September last year, the organization issued a statement following media stories connecting the company with an investigation: “Finmeccanica and AgustaWestland, while highlighting that the notification of investigation is a deed usually sent during any inquiry, declare that they are not involved in the alleged charges.”

 

Current AgustaWestland CEO Spagnolini (left) with Geoff Hoon, former UK Secretary of Defense and current head of international business development at AgustaWestland, at the company's Farnborough 2012 press conference.