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President of Italian group Finmeccanica resigns. Subsidiary sold security equipment to Panama amid claims of kickbacks

Friday, December 2, 2011

Pier Francesco Guarguaglini, president of the Italian group Finmeccanica, amid a corruption scandal. The group has sold $333 million of security equipment to Panama.

Guarguaglini has been in the eye of a storm for weeks over claims of a slush fund for kickbacks paid to the officials of foreign countries that have awarded the group contracts.

Selex, a unit of Finmeccanica sold Panama radars for $125 million. Turkey bought 24 of the same radars for $33 million.

Original source (in Spanish): La Prensa