New Delhi/Rome: Scandal-hit Italian defence group Finmeccanica replaced its management on Wednesday, while the Indian government warned the company it risked losing a 750-million-dollar commission if allegations of bribery were proven.
Finmeccanica Chief Executive and Chairman Giuseppe Orsi was arrested Tuesday on suspicion that Finmeccanica‘s helicopter subsidiary Agusta Westland paid money to secure a 2010 contract with New Delhi. Orsi was the head of Agusta Westland at the time.
Director general Alessandro Pansa was promoted to succeed Orsi, Finmeccanica said after a board meeting. The company‘s shares lost more than 4 per cent on the Milan stock exchange on Wednesday, adding to a 7.3-per-cent loss on the previous day.
14/02/13 dpa/Europe Online
