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
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
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies