Italian judge rejects Indian bid to recover helicopter deal guarantees

[Sergi]

Even DK Joshi was not on the submarine when the batteries blew.

reply only if you have a valid thing to say. Oerwise just ignore me and I woll do the same.

It was illegal and against ones logic to terminate the contract before the joint team of the CBI, Ministry of Defence and External Affairs came to a conclusion on their investigation.
The money has been routed through Tunisia, they know the money trail but no names have figured out officially.
The important point here is that saint should have waited till the end of the investigation, and not tugged his lungi so early. Its a long battle ahead. Even if they managed to get the money back, it will be years from now.

Logic !!! SOP. A standing case and its evideance are good enough to say termes are breached. Otherwise company would never afree for arbitration and whold have taken GOI in court.

Both the parties have to keep some money as BG, Its not just the seller as you think. India already encashed the 39 million that the company kept in the Indian bank. This battle is for the Indian money that GOI deposited in the Italian bank.

Source for the claim please. I will agree. My knowledge is otherwise.

Here India gave a BG to that company, it is like a booking amount or a guarantee of payment against the purchase order that India has placed with that company, if India fails to purchase the products as per the terms & conditions for any reason that is not covered under the contract, that company can cash the BG.

A BG can be asked either by the seller or by the buyer depending upon the type of the deal and the terms of the contract. For example, if I am a manufacturer or a seller of a product that you want to buy, I may ask you to give me a BG before I manufacture or ship the product to you. In case of most international trade deals sellers ask for a BG from the buyer before shipping the product.

I know that. We are talking here specifically. Please provide a source that India have given BG.
If so all we need was to withdraw it not cash it. Cashing a BG means claiming the amount. Open to correction. Give the source

 

[Alphacharlie]

Mr. Berlusconi your replacement Mr Rezzi is Messing with BeeHIVE.

Just wait Till June 2014 and then See.....You will Give Blowjob to my Babus!!

 

[dray]

I know that. We are talking here specifically. Please provide a source that India have given BG.
If so all we need was to withdraw it not cash it. Cashing a BG means claiming the amount. Open to correction. Give the source

I checked that India has already paid 30% of the deal money, so the attempt to cash in the BG could also be a way to recover the already paid amount, I have to check in details when I am free.

 

[Daedalus]

reply only if you have a valid thing to say. Oerwise just ignore me and I woll do the same.

You are one confused guy. How is this not a valid point? You said he cant take decisions alone, agreed, but its his sign that matter at the end. When shit hits the fan, its his a$$ that has to be fired.

Logic !!! SOP. A standing case and its evideance are good enough to say termes are breached. Otherwise company would never afree for arbitration and whold have taken GOI in court.

What evidence? All are just allegations, if there are any please enlighten me with a link.

Source for the claim please. I will agree. My knowledge is otherwise.

Why are you being so hypocrite? You told me to google and wiki, and you yourself dont do the same.

After the cancellation of the contract, India encashed the amount of 2.4 billion Indian rupees ($39 million) made by the firm as bank guarantee in the Indian banks earlier this year. India had requested the Italian government to retrieve the bank guarantee amount made by the firm in Italian banks which was more than €275 million.[31][32] On 17th March 2014, request made by India was rejected by the Italian court.[33] But India has decided to appeal against the Italian courts order.

2013 Indian helicopter bribery scandal - Wikipedia, the free encyclopedia

 

[Sergi]

You are one confused guy. How is this not a valid point? You said he cant take decisions alone, agreed, but its his sign that matter at the end. When shit hits the fan, its his a$$ that has to be fired.

Why not just igonre me then ??? Your understanding is not my problem. He can't go ahead without consequences. His job is answerable to LS so whatever heroic actions you are intending cant be done. He has to follw the recommendation & SOP.

What evidence? All are just allegations, if there are any please enlighten me with a link.

the case itself is in court in Italy. Thats good enough. You can check that.

Why are you being so hypocrite? You told me to google and wiki, and you yourself dont do the same.



2013 Indian helicopter bribery scandal - Wikipedia, the free encyclopedia

Cause you are the one claming things. I am not.

I dont like your attitude and language so I am resting my case with you. Feel free to quote for your "points" don't expect a reply. I am done. Dont have time to argue in language you will understand. Good luck

I checked that India has already paid 30% of the deal money, so the attempt to cash in the BG could also be a way to recover the already paid amount, I have to check in details when I am free.

So do I. In the event of cancellation ( which is the case ) the paid amount will be returned so will the goods if any. The BG is more like a punishment for the deeds.
I will wait for your answer.

 

[Always Neutral]

How ????????

Do you even know what a BG is ???

Actually Sergi, You are bit out of date. There is a scam in this and someone's head needs to role. ALL foreign BG's must be guaranteed/confirmed by a local bank in India, which would have ensured that the Indian Courts would have jurisdiction on it. This was specifically dropped by the Indian MOD at the request of the agent. Further the GOI should have waited on the en-cashment till the Italian Court completed the Trial.

Actually Sergi, You are bit out of date. There is a scam in this and someone's head needs to roll. ALL foreign BG's must be guaranteed/confirmed by a local bank in India, which would have ensured that the Indian Courts would have jurisdiction on it. This was specifically dropped by the Indian MOD at the request of the agent. Further the GOI should have waited on the en-cashment till the Italian Court completed the Trial.

 

[Daedalus]

@Sergi PEACE mate. Their is no point in arguing our heads off. Lets wait for the outcome. Hope for the best.

 

[Guynextdoor2]

How ????????

Do you even know what a BG is ???

Doesn't matter, as long as he can muck anyone from congress or AAP, the bot will take the shot.

 

[Sergi]

Actually Sergi, You are bit out of date. There is a scam in this and someone's head needs to role. ALL foreign BG's must be guaranteed/confirmed by a local bank in India, which would have ensured that the Indian Courts would have jurisdiction on it. This was specifically dropped by the Indian MOD at the request of the agent. Further the GOI should have waited on the en-cashment till the Italian Court completed the Trial.

Please do enlighten me how I am out of date
BG's don't have a regular norm. They are mutually agreed. Thats my experience. You are welcome to prove me wrong.
And rest of your post is saying the same thing I was implying expect the scam thing.

@Sergi PEACE mate. Their is no point in arguing our heads off. Lets wait for the outcome. Hope for the best.

I was saying that in first post. Wait.
I too don't like Saint and its true he is reason for most the delays but I will never blame him unless there is a valid reason.

Doesn't matter, as long as he can muck anyone from congress or AAP, the bot will take the shot.

I am sorry my post are never inclined to party politics and will like to keep it that way.

 

[third eye]

India aims to recover 228 million euros in Finmeccanica bank guarantees

India aims to recover 228 million euros in Finmeccanica bank guarantees| Reuters

(Reuters) - India will move to recover bank guarantees from an aborted 560-million-euro helicopter deal with Italy's Finmeccanica (SIFI.MI), the defence ministry said, after an Italian court lifted a freeze on 228 million euros held with European banks.

New Delhi scrapped the deal with Finmeccanica's AgustaWestland unit in January, after graft allegations made against the company almost a year earlier.

The delay highlights the slow headway the Congress party then in power was able to make on vital defence contracts.

Congress suffered its worst ever defeat in India's general election in April and May. Narendra Modi, leader of the Bharatiya Janata Party (BJP), is due to be sworn in as prime minister on Monday night.

The overall value of the guarantee scheme with Deutsche Bank SpA, Deutsche Bank AG (DBKGn.DE), Intesa Sanpaolo (ISP.MI) and the State Bank of India was around 300 million euros, Reuters reported in January.

India said in February it had cashed in two small bank guarantees but an Italian judge later blocked its efforts to recover the remaining 278 million euros.

On Friday, an Italian court revoked the freeze on 228 million euros of that figure.

"[The ministry] is studying the order and will take immediate steps to recover the amounts fully," India's defence ministry said in a statement on Sunday.

Details will only emerge after the new defence minister takes office, a ministry spokesman told Reuters on Monday.

Finmeccanica has said it will seek to protect the guarantees through an arbitration process launched this year after the contract for a dozen high-end helicopters was cancelled.

Defence is one of four key portfolios, including finance, home affairs and foreign affairs, over which speculation is mounting ahead of the swearing-in of Modi's cabinet, set for Monday night. Modi is an extremely private figure who has kept even senior party leaders in the dark about his choices.

India's outgoing defence minister, A. K. Antony, was nicknamed "St. Antony" for his anti-corruption zeal. Yet his propensity to cancel deals and blacklist companies has hobbled India's much-needed push to update its military.