Former IAF chief admits he met middleman in copter deal

February 14, 2013

New Delhi, Feb 14: Former Indian Air Force chief S P Tyagi on Wednesday admitted meeting an Italian middleman who allegedly took money from Italian arms major Finmeccanica to secure a Rs 3,600-crore (€560 million) contract for purchasing 12 VVIP helicopters for the IAF's Communication Squadron.

Tyagi admitted meeting Italian middleman Carlo Gerosa at his cousin's place but went on to claim he had no further contacts with him.

“There is no denial of the fact that needle of suspicion is on me. I welcome the Central Bureau of Investigation probe, which will establish my innocence,” he said.deal

Tyagi went public with his comments hours after Italian prosecutors named three Indian brothers with family ties to the former IAF chief who reportedly took money to secure the VVIP helicopter contract for Agusta Westland, a subsidiary of Finmeccanica.

In their warrant, Italian prosecutors at north Italian town of Busto Arsizio named three Tyagi brothers—Julie, Docsa and Sandeep—for accepting money from two middlemen for swinging the Rs 3,600-crore deal in favour of Agusta Westland.

Quoting the Italian warrant, Reuters reports from Busto Arszio that Tyagi brothers received € 100,000 (about Rs 72 lakh) and two Italian middlemen Gerosa and Guido Haschke € 400,000 (about Rs 3 crore).

“I asked my brothers why were you named in the Italian probe. They said they had other business links with the company (Finmeccanica) but nothing in defence,” said Tyagi.

In October 2012, Agusta Westland claimed it never appointed, formally or informally, Guido Haschke as its agents and intermediaries in the VVIP programme and never paid any commission to him.

Tyagi said technical specifications for the aircraft—called air staff qualitative requirement (ASQR)— were frozen in 2003 before he took over. The flying height was brought down from 18,000 feet to 15,000 feet to avoid single vendor situation.

George Fernandes was the defence minister when the ASQR was fixed.

Since Fernandes was a regular visitor to Siachen—world's highest battlefield—it was initially thought the VVIP copter should be capable of flying up to Kumar Post which is at an elevation of 18,000 feet. But when the search for an appropriate product began at the Vice-Chief's office, it was realised only one company would make the cut.

Subsequently, the requirement was lowered to 15,000 feet, height of the Siachen base camp. When asked about the ASQR modification, S Krishnaswamy, who preceded Tyagi as the IAF chief, told Deccan Herald that he did not remember those figures and details.

The tender was issued in 2006, when Pranab Mukherjee was the defence minister. A defence ministry official said once the tender was issued, there was no deviation from the process.

In due course the project received approval from the Finance Ministry, where incidentally Mukherjee was minister when it received the approval. The contract was signed in 2010 after the approval of the Cabinet Committee on Security.

Chopper chaos

-Former IAF chief Tyagi says specifications fixed before his tenure; NDA’s George Fernandes was defence minister then

-Pranab Mukherjee was defence minister when tender was issued; gave approval when he was finance minister and endorsed by Cabinet Committee on Security

-Defence Minister A K Antony says deal can be cancelled at any time as the government will get back money; says no one involved will be spared

-Govt can take action on preliminary report by CBI, will decide on delivery of remaining nine choppers after report submission

- BJP senses “making of another Bofors scam”

-CPM?demands Supreme Court monitoring of CBI probe

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News Network
March 18,2020

New Delhi, Mar 18: As many as 276 Indians have been infected with coronavirus abroad, including 255 in Iran, 12 in UAE and five in Italy, the government informed the Lok Sabha on Wednesday.

In a written reply to a question in the Lok Sabha, Minister of State for External Affairs V Muraleedharan said the total number of Indians infected by coronavirus is 276 — 255 in Iran, 12 in UAE, five in Italy, and one each in Hong Kong, Kuwait, Rwanda and Sri Lanka.

A fourth batch of 53 Indians returned to India from Iran on Monday, taking the total number of people evacuated from the coronavirus-hit country to 389.

Iran is one of the worst-affected countries by the coronavirus outbreak and the government has been working to bring back Indians stranded there. Over 700 people have died from the disease in Iran and nearly 14,000 cases detected.

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Agencies
January 21,2020

New Delhi, Jan 21: With the IMF lowering India's economic growth estimate for the current fiscal to 4.8 per cent, senior Congress leader P Chidambaram on Tuesday claimed an attack on the world body and its chief economist Gita Gopinath by government ministers was imminent.

He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

"Reality check from IMF. Growth in 2019-20 will be BELOW 5 per cent at 4.8 per cent," Chidambaram said in a series of tweets.

"Even the 4.8 per cent is after some window dressing. I will not be surprised if it goes even lower," the former finance minister said.

IMF Chief Economist Gopinath was one of the first to denounce demonetisation, he noted.

"I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath," Chidambaram said.

The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the IMF had pegged India economic growth at 6.1 per cent for 2019.

Listing decline in rural demand growth and an overall credit sluggishness for lowering of India forecasts, Gopinath, however, had said the growth momentum should improve next year due to factors like positive impact of corporate tax rate reduction.

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Agencies
March 9,2020

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

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