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British National Christian Michel In AgustaWestland Scam Being Extradited To India

British national, the alleged middleman in the Rs 36 billion AgustaWestland chopper deal, Christian Michel is being extradited to India from the UAE, according to the official's sources on Tuesday (4).

The official sources added that he was scheduled to be brought back to on Tuesday night from Dubai. Michel is wanted in India for legal proceedings in connection with the AgustaWestland VVIP choppers scam.


India’s federal law enforcement and economic intelligence agency the Enforcement Directorate (ED), in its charge sheet filed against Michel in June 2016, had alleged that he received Rs 2.25bn from AgustaWestland.

Michel is one among the three middlemen being investigated in the case, besides Guido Haschke and Carlo Gerosa, by the ED and another federal probe agency Central Bureau of Investigation (CBI).

Both the CBI and the ED had notified an Interpol red corner notice against Michel earlier.

India on January 1, 2014, had scrapped the contract with Finmeccanica's British subsidiary AgustaWestland for supplying 12 AW-101 VVIP choppers to the Indian Air Force (IAF) on an alleged breach of contractual obligations and charges of paying kickbacks to the tune of Rs 4.23bn by it for securing the agreement.

The federal probe agency CBI has alleged that there was an estimated loss of Rs 26.66bn to the exchequer in the deal that was agreed on February 8, 2010, to supply VVIP choppers worth €556.262m.

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Frasers slams Debenhams over £222 million pay scheme

Highlights

  • Debenhams pushes ahead with executive pay scheme worth up to £222 m without shareholder approval.
  • CEO Dan Finley could earn up to £148 m if share price reaches £3 over next five years.
  • Frasers Group, holding 29.7 per cent stake, calls move "utterly disgraceful" amid long-running corporate tussle.
Struggling British online fashion retailer Debenhams has sparked outrage from its biggest investor after deciding to implement a new executive pay scheme worth up to £222 million without seeking shareholder approval.

Frasers Group, which holds a 29.7 percent stake in Debenhams, condemned the move through its chief financial officer Chris Wootton on Thursday. "Typical corporate governance from them, utterly disgraceful," Wootton said, criticising the retailer's decision to bypass investors.

Under the new incentive scheme, Debenhams CEO Dan Finley could earn up to £148 m and CFO Phil Ellis up to £14.8 m if the company's share price hits £3 over the next five years. Debenhams shares were trading at 22.25 pence on Thursday, down 3.3 percent.

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