AgustaWestland owners Finmeccanica's boss Giuseppe Orsi stands down

The chairman and chief executive of the Italian defence firm Finmeccanica, which owns AgustaWestland, has quit following his arrest as part of a corruption investigation involving the sale of helicopters to the Indian government.

Giuseppe Orsi denied any wrongdoing and said he had always worked “for the exclusive interest of Finmeccanica and its subsidiaries”.

India has started the process of cancelling the $750million (£485 million) contract with the Yeovil-based firm, though three helicopters have been delivered.

Finmeccanica has already handed the running of the firm to another director, Alessandro Pansa, while it deals with the allegations.

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Mr Orsi is facing allegations that the Italian group’s AgustaWestland unit used bribes in order to win the India contract for 12 helicopters in 2010. He denies any wrongdoing.