Finmeccanica says court revokes guarantee freeze in India chopper row

MILAN Sat May 24, 2014 12:30am IST

A visitor walks past a stand for Italian defence group Finmeccanica during the International Defence Exhibition and Conference (IDEX) at the Abu Dhabi National Exhibition Centre February 19, 2013. REUTERS/Ben Job

A visitor walks past a stand for Italian defence group Finmeccanica during the International Defence Exhibition and Conference (IDEX) at the Abu Dhabi National Exhibition Centre February 19, 2013.

Credit: Reuters/Ben Job

Related Topics

Stocks

   

MILAN (Reuters) - Finmeccanica (SIFI.MI) said on Friday an Italian court had revoked a freeze on up to 228 million euros ($311 million) of bank guarantees that India was seeking to recover in a dispute with the Italian defence group over a scrapped helicopter deal.

Back in March an Italian judge had rejected India's request to recover more than 278 million euros in bank guarantees backing the contract.

Finmeccanica said it would protect its interests also in view of recovering the guarantees in an arbitration process that has already started. It said its 2014 targets do not include any negative effect from the Indian helicopter contract.

India cancelled the 560 million-euro order with Finmeccanica unit AgustaWestland for 12 top-end helicopters in January, citing a breach of integrity relating to alleged corruption.

($1 = 0.7336 Euros)

(Reporting by Danilo Masoni, editing by Steve Scherer)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Drug Pricing

REUTERS SHOWCASE

 G20 Meet

G20 Meet

As G20 chases growth goal, members differ on how to get there   Full Article 

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage