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| Finmeccanica boss Orsi steps down amid corruption probe | |
| (about 2 hours later) | |
| The chairman and chief executive of the Italian defence firm Finmeccanica, has formally resigned. | |
| Giuseppe Orsi was arrested in Italy this week as part of a corruption investigation involving the sale of helicopters to the Indian government. | Giuseppe Orsi was arrested in Italy this week as part of a corruption investigation involving the sale of helicopters to the Indian government. |
| India has started the process of cancelling the $750m (£485m) contract. | India has started the process of cancelling the $750m (£485m) contract. |
| Finmeccanica has already handed the running of the firm to another director, Alessandro Pansa, while it deals with the allegations. | |
| Mr Orsi announced his decision to resign in a letter, in which he denied any wrongdoing and said he had always worked "for the exclusive interest of Finmeccanica and its subsidiaries". | |
| He said he wanted to "help to calm the atmosphere" at Finmeccanica by resigning. | |
| Mr Orsi is facing allegations that the Italian group's AgustaWestland unit used bribes in order to win the India contract for 12 helicopters in 2010. He denies any wrongdoing. | Mr Orsi is facing allegations that the Italian group's AgustaWestland unit used bribes in order to win the India contract for 12 helicopters in 2010. He denies any wrongdoing. |
| On Thursday, India's defence ministry said it was freezing payments to Finmeccanica while the Central Bureau of Investigation (CBI) carried out its investigation into the aircraft deal. | On Thursday, India's defence ministry said it was freezing payments to Finmeccanica while the Central Bureau of Investigation (CBI) carried out its investigation into the aircraft deal. |
| According to the BBC's Sanjoy Majumder in Delhi, the ministry has now issued a legal notice to Finmeccanica seeking to cancel the contract for the aircraft, which were to be used to transport the country's top politicians, including the president and the prime minister. | According to the BBC's Sanjoy Majumder in Delhi, the ministry has now issued a legal notice to Finmeccanica seeking to cancel the contract for the aircraft, which were to be used to transport the country's top politicians, including the president and the prime minister. |
| Three of them have already been delivered, but the ministry said the contract was now on hold and no more payments would be made. | Three of them have already been delivered, but the ministry said the contract was now on hold and no more payments would be made. |
| A separate inquiry has been ordered into allegations that top Indian officials may have received kickbacks to help secure the order. | A separate inquiry has been ordered into allegations that top Indian officials may have received kickbacks to help secure the order. |
| Former Indian Air Force chief SP Tyagi has denied allegations that he or any of his relatives were paid bribes. | Former Indian Air Force chief SP Tyagi has denied allegations that he or any of his relatives were paid bribes. |