AgustaWestland CEOs Arrested on Bribery Charges
Italian police arrested the current and former CEOs of helicopter maker AgustaWestland on Tuesday, charging both men with bribery stemming from an Indian helicopter contract.
Giuseppe Orsi, the chairman and CEO of Finmeccanica and former CEO of AgustaWestland, was taken into custody by police while current AgustaWestland CEO Bruno Spagnolini has reportedly been placed under house arrest.
The case under investigation involves the sale of 12 AW101 helicopters to the Indian Air Force for VIP transportation. The contract, valued at around $750 million, includes five years of logistics support and initial crew and technician training.
AgustaWestland has delivered three of the helicopters with the full order expected to be completed by the end of the year.
A statement issued by AgustaWestland owner Finmeccanica said the company “expresses support for its chairman and CEO, with the hope that clarity is established quickly.”
The bribery investigation has been ongoing since last summer.