Home / News / Italian judge has rejected a request by India to recover more than 278 million euros in bank guarantees

Italian judge has rejected a request by India to recover more than 278 million euros in bank guarantees

In January, India cancelled a 556 million euros helicopter deal with AgustaWestland—the Anglo-Italian unit of Finmeccanica—after allegations surfaced that the company used bribes to win the deal. Under the 2010 contract, AgustaWestland was to supply a dozen AW101 helicopters to India for use by its top politicians. The company had already delivered three of the helicopters and the remaining nine were due to be delivered by the middle of 2014 before India decided to terminate the contract.

An Italian judge has rejected a request by India to recover more than 278 million euros (232.7 million pounds) in bank guarantees backing a scrapped helicopter deal with Finmeccanica, the Italian defence group said on Monday.

“The government of India will be filing an appeal against the order of the Italian court in Milan,” the Indian defence ministry said in a statement on Tuesday.

“Simultaneously, the government will vigorously pursue all options for encashment of the bank guarantees,” the statement added.

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