Monti vows to clean up company after CEO arrest

Italian Prime Minister Mario Monti today said his government was prepared to do whatever necessary to clean up industrial group Finmeccanica after the arrest of its CEO in an investigation related to the sale of 12 helicopters to India.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Current Affairs

Feb 12, 2013, 11.07 PM | Source: PTI

Monti vows to clean up company after CEO arrest

Italian Prime Minister Mario Monti today said his government was prepared to do "whatever necessary to clean up" industrial group Finmeccanica after the arrest of its CEO in an investigation related to the sale of 12 helicopters to India.

Like this story, share it with millions of investors on M3

Monti vows to clean up company after CEO arrest

Italian Prime Minister Mario Monti today said his government was prepared to do "whatever necessary to clean up" industrial group Finmeccanica after the arrest of its CEO in an investigation related to the sale of 12 helicopters to India.

Post Your Comments

Share Cancel

Italian Prime Minister Mario Monti today said his government was prepared to do "whatever necessary to clean up" industrial group Finmeccanica after the arrest of its CEO in an investigation related to the sale of 12 helicopters to India. "There is a problem with the governance of Finmeccanica at the moment and we will face up to it," Monti told Italian television.

Also read: AgustaWestland deal: Italy arrests Finmeccanica Chief

His statement comes after Italian police arrested company chairman and chief executive Giuseppe Orsi for questioning in Milan. The government owns 30 per cent stake in the country's second-largest industrial group after Fiat.

Orsi is suspected of being involved in payment of bribes  in the sale of 12 helicopters produced by Finmeccanica's subsidiary AgustaWestland to the Indian government in 2010. The current CEO of Finmeccanica headed AugustaWestland at the time the deal was made.

Italian news agency Ansa reports that prosecutors suspect around 50 million euros (Rs 362 crore approximately), about 10 per cent of the deal were ploughed back into kickbacks to ensure AgustaWestland won the contract. Orsi has been under investigation for bribery and embezzlement for several months and has denied any wrongdoing.

Buy, Hold, Sell ? Hear it first on M3
Monti vows to clean up company after CEO arrest

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login