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Lalit K Jha Washington, Jul 6 (PTI) The US has extradited an Italian executive from Germany on charges of bribing foreign companies, including some in India, to bag overseas contact of the Sipat coal fire power plant of the National Thermal Power Corporation (NTPC) in Chhattisgarh. In all in 2005 and 2006, more than Rs. 65 lakhs were made in payment - in two transactions -- from a bank account to Sweden for a Moscow-based company to bag the Sipat contract, the FBI has charged; but has not named the direct beneficiary of the bribery in India. Flavio Ricotti (49), a former executive of Rancho Santa Margarita, California-based valve company Control Components Inc (CCI), was arrested on February 14 in Frankfurt and arrived in the US on July 2, the Department of Justice said today in a statement. Ricotti of Bientina (Italy), has been extradited for his alleged participation in a conspiracy to secure contracts by paying bribes to officials of state-owned and private companies in India, the UAE, Kazakhstan and Qatar. According to the indictment file by the FBI before a US court in April 2009, Ricotti along with CCI''s former director of worldwide sales Paul Cosgrove were instrumental in transfer of USD 163,449 from Handelsbanken Bank account in Sweden for securing the contract for the Sipat Thermal Power Plant in India. The payments were made to officials of a Moscow-based private company, the name of which have not been revealed so far. It was in March 2005 that Cosgrove approved the payment of approximately USD 163,449 from his company to that official for the purpose of securing their business with regard to the Power Plant in India. The first payment of USD 26,865 was made on November 29, 2005 to an account at Dresdner Bank in New York while the second payment of USD 136,584.98 on October 2006 was made to an account at Baltic International bank in Latvia, FBI said. Ricotti and five other former executives of CCI were charged on April 8, 2009, in a 16-count indictment for their alleged roles in the foreign bribery scheme. .
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