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Five arrested so far in India’s Jet-Etihad leak scandal

March 19, 2015 Corporate, Headline News No Comments Email Email

egtmedia59India is embroiled in a scandal involving the alleged sale of confidential documents from the country’s Finance Ministry relating to a deal between Etihad Airways and Jet Airways.

Etihad Airways concluded the transaction for the subscription of a 24% minority equity stake in Jet Airways on 20 November 2013. The partnership offers a combined network of 140 destinations worldwide.

Now, a probe by India’s Central Bureau of Investigation (CBI) into the alleged sale of confidential documents suggests many records, including those relating to the Jet-Etihad deal, were leaked with the help of officials in the Foreign Investment Promotion Board (FIPB).

Suspects arrested by the agency have reportedly confirmed phone intercepts indicating that the INR 28.58 billion (AUD 597 million) Jet-Etihad agreement was one of many crucial deals whose records were leaked to middlemen.

Civil servants were passing on documents relating to foreign investment policies to middlemen who in turn sold them to big corporations for a price, according to allegations.

Questions have been raised about who cleared the Jet-Etihad deal, and about the Indian government’s decision to execute the agreement in favour of Abu Dhabi under the existing Air Service Agreement between the governments of India and United Arab Emirates.

The CBI has so far arrested five people in the probe, including an Under Secretary in the Department of Disinvestment and Grievances, reports state.

The complex investigation continues.

Written by : William Sykes

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