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VVIP chopper deal: Finmeccanica settles deal with Italy prosecutors

Reuters  Milan, July 29, 2014
First Published: 23:17 IST(29/7/2014) | Last Updated: 23:23 IST(29/7/2014)

Italy's Finmeccanica said on Tuesday it had reached a agreement with prosecutors to settle legal proceedings over a high profile helicopter contract between one of its units and India, adding this did not equal an acknowledgment of any wrongdoing.

India cancelled the 560 million euro ($750.85 million) order with Finmeccanica unit AgustaWestland for 12 top-end helicopters in January, citing a breach of integrity relating to alleged corruption.

Finmeccanica said prosecutors had discontinued investigations into the contract and AgustaWestland would apply to the court for a negligible fine.
It added: "This decision is not in any way an admission of any wrongdoing or liability".

It said the decision was taken "in light of the reorganization underway within the Finmeccanica Group, to refocus energies on business and market opportunities globally."

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