Two senior executives from the Italian arms firm Finmeccanica have offered their resignations, amid corruption allegations linked to an ongoing investigation into Italian prime minister Silvio Berlusconi.
Commercial director Paolo Pozzessere announced his resignation on 16th September, followed shortly by Salvatore Metrangolo, president of a Finmeccanica subsidiary. The firm, which is 32 per cent owned by the Italian government, produces AgustaWestland helicopters and owns a raft of assets in Italy from defence to transport. Poor results and unprofitable arms have battered its share price this year, even before the latest allegations.
The corruption rumours emerged from court documents relating to investigations into Berlusconi, under pressure over his private life and allegedly corrupt dealings with shady figures from the Italian underworld. In the course of wiretapping individuals connected with the investigation, Italian police recorded Finmeccanica executives referring to paying off foreign officials in order to win tenders and contracts.
The investigations have also drawn attention to some unusual Finmeccanica agents, including Valter Lavitola, named in connection with an attempt to blackmail Berlusconi. Lavitola, who is currently on the run, served as an agent for Finmeccanica and had “frequent contact” with Pozzessere.
Neither the company nor any of its executives been charged; the resignations were advertised as an effort to safeguard Finmeccanica's reputation. If it is believed to have made bribes overseas, however, its UK subsidiaries will come under serious pressure. Paying off foreign officials is a crime under the UK Bribery Act, so Finmeccanica could soon find itself in hot water on multiple fronts.
Sources: Guardian, Wall Street Journal
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