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07 Apr 16. Finmeccanica’s ex-CEO sentenced to 4-1/2 years in jail in bribery case. An Italian appeals court sentenced former Finmeccanica (SIFI.MI) chief executive Giuseppe Orsi to four and a half years in prison on Thursday for corruption and falsifying invoices, overturning a previous lower court ruling.
The decision is a setback to the Italian defense group at a time when current Chief Executive Mauro Moretti is looking to restore the company’s reputation, streamline its operations and cut its debt.
The trial concerned alleged bribes in a 560m-euro ($638m) contract awarded to Finmeccanica unit AgustaWestland in 2010 to supply 12 helicopters to India.
Bruno Spagnolini, former head of AgustaWestland, was sentenced to four years in jail.
The court also ordered the two executives to pay 7.5m euros ($8.5m), a sum related to the amounts deemed to have been allegedly paid in bribes.
The case against Finmeccanica itself was dropped by prosecutors in July 2014. AgustaWestland, which was treated separately, agreed on a 7.5m-euro settlement with the court a month later.
Ennio Amodio, a lawyer for Orsi, said both defendants will appeal to Italy’s Supreme Court against Thursday’s judgment.
The men will not be detained until a final verdict is handed down.
In October 2014 a lower court had convicted Orsi and Spagnolini of falsifying invoices but acquitted them of corruption. Both appealed against the conviction, while the prosecution appealed against the acquittal on the corruption charge.
Meanwhile the helicopter contract in issue is currently suspended and the subject of international arbitration in Paris after AgustaWestland opposed the decision in 2014 by New Delhi to cancel it.
A separate investigation over corruption and money laundering is still open in India and involves individuals who allegedly worked as intermediaries in striking the deal.
The Milan verdict comes as the Italian group seeks to restore its relations with India, one of the world’s fastest growing defense markets.
Finmeccanica’s unit Wass last June won a tender for the supply of Blackshark torpedoes to the Indian government but the signature of the contract is still pending. (Source: Reuters)
07 Apr 16. PyroGenesis Announces Plans to Spin-Off Additive Manufacturing (3D Printing) Into an Independent Public Company. PyroGenesis Canada Inc.(TSX VENTURE:PYR)(PYRNF), a TSX Venture clean-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announces that its Board of Directors have unanimously approved its plan to ultimately spin-off 80% of its Additive Manufacturing (3D Printing) business into an independent publicly-traded company (the “Transaction”). The name of such company shall be determined at a later date but for the purposes herein, will be referred to as “3DCo”.
After the successful spin-off, 3DCo will have all rights to (i) produce metal and alloy powders for the Additive Manufacturing (3D Printing) industry using PyroGenesis’ patented technology and (ii) to distribute powder production systems and equipment under an exclusive world-wide license with PyroGenesis. PyroGenesis will continue to benefit from (i) supplying systems and equipment to 3DCo with traditional margins, and (ii) provide standard maintenance and technical support services to 3DCo for each system purchased, for up to $750K per system per year.
In consideration of a non-compete agreement to be entered into between PyroGenesis and 3DCo, PyroGenesis will, in addition, receive royalty payments of up to ten percent (10%) of powder production revenues from 3DCo. This Transaction is expected to be staged over the next four