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VVIP chopper scam: India allowed to partially encash Agusta's bank guarantees

New Delhi: Lifting a freeze partially, an Italian court has allowed India to encash bank guarantees worth about Rs 1,818 crore deposited by AgustaWestland in a bank there in the VVIP chopper deal which has

India TV News Desk [ Updated: May 24, 2014 21:48 IST ]
vvip chopper scam india allowed to partially encash agusta
vvip chopper scam india allowed to partially encash agusta s bank guarantees

New Delhi: Lifting a freeze partially, an Italian court has allowed India to encash bank guarantees worth about Rs 1,818 crore deposited by AgustaWestland in a bank there in the VVIP chopper deal which has been scrapped because of bribery allegations.


"The Milan court partially upheld the complaint lodged by the Indian Defence Ministry and thereby revoked the order issued by the judge on last March 17," said a statement by Finmecannica, parent company of AgustaWestland.

AgustaWestland had resisted India's attempt for "calling of certain first demand bank guarantees provided with reference to the contract for the supply of 12 AW 101 VVIP helicopters for an amount of Euro 228 million (Rs 1,818 crore) maximum against a call seeking to cash Euro 278 million (Rs 2,217 crore)," the statement said.

After the Rs 3600 crore deal was cancelled on January 1 this year, India had initiated the process to seize bank guarantees deposited in banks in Italy and India.

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