PracticeAudit11 convicted in Parmalat scandal

11 convicted in Parmalat scandal

Judge hands down first sentences and jails three former CFOs

An Italian judge has convicted 11 people involved with the scandal at Italian
food giant Parmalat, including three of the food giant’s former CFOs.

The judgements are the first to have been made as part of the Parmalat
investigation.

Judge Cesare Tacconi gave prison sentences to all 11 people under plea
bargain arrangements, international agencies report.

The number includes three of the company’s chief financial officers who
served during 2003, the year serious holes in Parmalat’s accounts were revealed.

The 11 had plea-bargained for shorter terms in exchange for acknowledging
wrongdoing.

The prison terms varied from 10 months to two and a half years.

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