Tuesday, November 13, 2018

Airbus & its ex-India head hire 3 law firms to fight ED charges

Airbus and its former India chairman Kiran Rao have roped in a battery of lawyers to tackle the money laundering allegations levelled against them by the Enforcement Directorate (ED), two people familiar with the development told ET.
Rao, executive vice-president at the European aircraft maker, has yet to submit his statement before ED in response to a legal notice served on him for alleged money laundering in a Rs 8,000-crore deal to supply 43 aircraft to the erstwhile Indian Airlines in 2005, they said. Airbus has hired London-headquartered BCL Solicitors and Mumbai-based Trilegal, while Rao has hired MZM Legal, a Mumbai-based law firm headed by Zulfiquar M Memon.
“The law firms have been named in the communication submitted to ED,” said a person with direct knowledge of the matter. “Rao was expected to give a statement on Monday, but he failed to do so, but requests were made to reschedule the meeting,” he told ET.
ED had sent notices to seven people, including Rao, under the Prevention of Money Laundering Act (PMLA, for alleged irregularities in the 2005 deal between Airbus and the erstwhile state-owned domestic carrier.
Except for Rao, the other six people, who were former employees of Indian Airlines, have already submitted their statements, said a second person close to the development.
13/11/18 Sachin Dave/Economic Times

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