Tuesday, April 30, 2013

AgustaWestland- A Resolution in Sight?

Neelam Mathews
April 30, 2013
The AgustaWestland issue is bound to stall acquisitions planned in the near future and one hopes it reaches its conclusion- either way. One might have spoken on cue even as the Italian public prosecutor has called today for a quick trial of former chief of Finmeccanica, Giuseppe Orsi, following the completion of the investigation into allegations of bribery to win India's VVIP helicopter deal. A final decision, papers report, is to be made by a judge in a few days on whether there's enough evidence to try those in accused of wrong doing.
AgustaWestland was super quick in releasing a statement following the move to trial in Italy today.
"Noting the developments in Italy today, AgustaWestland are unable to comment directly on the ongoing investigation, but wish to stress that none of the allegations have yet been tested in court. In the meantime AgustaWestland International Ltd (as the formal “Seller”) has formally sought bilateral discussions with the MOD, which is a legal obligation under the contract and is currently awaiting a response."
We are hearing that around two weeks back, AW sent a letter to MoD with a formal request to hold "bilateral discussions" stated in Clause 21 of the contract for Dispute Resolution.

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