Judges in Milan have sentenced Parmalat founder, Calisto Tanzi, to 10 years
in prison – the first verdict to come out of the court case stemming from the
Italian dairy giant collapse five years ago in what has been touted as Europe’s
biggest corporate failure.
Tanzi is one of eight former executives and bankers on trial in Milan on
allegations of market-rigging, misleading the stock market regulator and
providing false accounting information, The Wall Street Journal
The remaining defendants, including three former Bank of America executives,
were acquitted and the judges rejected Tanzi’s defense strategy, claiming banks
played a key role in Parmalat’s collapse.
Milan prosecutors had demanded 13 years of prison for Tanzi, for his key role
in Parmalat’s collapse, in which thousands of bondholders lost their savings.
Tanzi is also being prosecuted in Parma for fraudulent bankruptcy.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
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