BusinessBusiness RecoveryGlobal banks may face trial over Parmalat

Global banks may face trial over Parmalat

Prosecutors ask for global banks to face trial over Parmalat collapse

Prosecutors investigating the collapse of Parmalat have asked a Milan-based
judge to send four leading global banks to trial for their role in the dairy
giant’s demise.

According to a judicial source quoted by Reuters, the investigating
magistrates also asked Judge Cesare Tacconi to order 13 bankers and an Italian
asset management firm to stand trial.

The foreign banks are Citigroup and Morgan Stanley of the United States,
Germany’s Deutsche Bank and Swiss bank UBS. The fifth company is asset manager
Nextra, which Italy’s Banca Intesa is selling to France’s Credit Agricole.

Hearings on the prosecutors’ request are due to begin in September.

The banks have strenuously denied any wrongdoing in Parmalat’s 14bn euro
(US$17bn) collapse.

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