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14 Mar 2008
The trial involving Parmalat, starts today in Parma, Italy, almost five years after the Italian dairy company collapsed in one of Europe's biggest accounting scandals.
More than 50 defendants, including Calisto Tanzi, the company's former chief executive; his brother Giovanni; and the chief financial officer, Fausto Tonna, face charges of fraud and criminal association, The Daily Telegraph reports.
If convicted, Tanzi, 70, faces up to 15 years in jail. His children have already negotiated lighter prison terms, after one of the associated trials which have already been held.
A separate trial of five major foreign banks: Citigroup, Morgan Stanley, Bank of America, UBS and Deutsche bank, opened in Milan last month. They are accused of share price manipulation because they allegedly knew Parmalat was bankrupt but continued to lend it money.
Further reading:
GT battles insurers over Parmalat liability cover
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