PracticeAuditParmalat prosecutors seek auditors’ indictment

Parmalat prosecutors seek auditors' indictment

Prosecutors in the Parmalat case will seek to indict the Italian arms of Deloitte and Grant Thornton in a preliminary hearing in Milan today.

Link: Deloitte and Grant Thornton face £5bn Parmalat lawsuit

Deloitte, group auditor, and Grant Thornton, which audited its subsidiaries including the offshore unit in the Cayman Islands that is at the centre of the scandal, have both denied any wrongdoing. Parmalat, the Italian dairy giant, was thrust into the limelight at the end of 2003 when a gaping hole of ? ¬14bn (£9.65bn) was found in its accounts. Parmalat’s new managers in August opened a new front in its battle to recover funds by filing a $10bn (£5.47bn) lawsuit in the United States against both accountancy firms.

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