Finmeccanica boss happy with Panama agreement

Mauro Moretti, who heads the Italian conglomerate Finmeccanica  is happy with the  outcome of what former Panama president, Ricardo Martinelli  ingloriously described as an  Italian “soap opera”.

The opera has already put some key players behind bars and trials in Italy  and Panama are still underway.

Moretti  has issued a statement supporting the agreement that the consortium reached with the government of Panama to resolve differences in a $250 million defense contract it received in 2010 during the government of Martinelli.

The agreement covers contracts signed with the companies Selex, AgustaWestland and Telespazio.

“This agreement allows not only the positive solution to the dispute with the government of Panama, but also effectively meets the security requirements of the country and supports the promotion of the products and services of Finmeccanica in a geographic area of great strategic value to our company,” said Moretti.

The Cabinet Council endorsed the changes to the contract Tuesday, which will save the country an estimated $100 million. It also resolves the issue of a $25 million commission included in the original contract that has been classified as a bribe.

That commission was never paid, and in its place the consortium will give Panama a helicopter ambulance. Finmeccanica has also pledged to cooperate with prosecutors in both Italy and Panama who are looking into irregularities in the original contract.