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.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor