BusinessCompany NewsFormer Parmalat auditors escape charges

Former Parmalat auditors escape charges

Deloitte and Grant Thornton won’t face charges over dairy giant collapse

Two former auditors and two former banks for Italian dairy
firm Parmalat will not face charges over
the company’s 2003 collapse, following a ruling by a US federal judge
Lewis Kaplan.

Kaplan ruled that much or all of the alleged improper conduct took place
outside of the US.

Citigroup, Bank of America, Deloitte
Touche Tohmatsu
and Grant Thornton will now not need to face charges, he
said.

Parmalat was Europe’s biggest bankruptcy and collapsed with a £9.4bn hole in
its accounts.

Further reading:

Parmalat founder and CFO charged over collapse

Four banks to face Parmalat charges

Deloitte ordered to pay £66m in Parmalat settlement

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