BusinessBusiness RecoveryFour banks to face Parmalat charges

Four banks to face Parmalat charges

Citigroup, UBS, Deutsche Bank and Morgan Stanley named

Four major international investment banks are to face charges over the
bankruptcy of
Italian
dairy giant Parmalat,
which collapsed due to accounting fraud.

An Italian judge said Citigroup,
UBS, Deutsche Bank and Morgan Stanley would all face charges over their
involvement in the 2003 bankruptcy of
Parmalat.

The banks have been accused of not stepping in with measures that would have
alleviated the company’s plight.

Parmalat collapsed under £9.4bn worth of debt, but was later restructured.

All four of the banks deny any wrongdoing in the case.

Further reading:

Deloitte ordered to pay £66m in Parmalat settlement

Deloitte settles with Parmalat over investor claims

Deloitte Italy sues Parmalat

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