PracticeAuditParmalat prosecutors issues more orders

Parmalat prosecutors issues more orders

Italian prosecutors are to issue official notification to five banks linked to the Parmalat scandal requiring representatives to attend investigations in Milan.

Link: Parmalat prosecutors seek auditors’ indictment

Citigroup, Morgan Stanley, Deutsche Bank and UBS are all due to receive advisory notices this week about their role in the collapse of the Italian diary giant, reported The Financial Times.

The dairy giant collapsed last year with £9.65bn worth of debt. Auditors Deloitte 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.

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