Italian court nod to encash part of bank guarantee in VVIP chopper deal

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  • India can encash guarantees of about Rs. 1,818 crore deposited by AgustaWestland after VVIP chopper deal was scrapped in face of bribery charges
  • Encashing allowed after Italy’s Milan court partially lifts transaction freeze, India’s ministry of defence earlier lodged complaint in the matter
  • AgustaWestland had opposed India’s demand for encashing guarantees deposits for 12 AW101 VVIP helicopters worth €278 million (Rs.2,217 crore)
  • India to claim over about Rs.5,470 crore from AgustaWestland in form of seizure of bank guarantees besides penalties
  • Source: http://www.thehindu.com/todays-paper/tp-national/italian-court-nod-to-encash-part-of-bank-guarantee-in-vvip-chopper-deal/article6045298.ece

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