BusinessCompany NewsParmalat founder faces 10 years in prison

Parmalat founder faces 10 years in prison

Parmalat founder Tanzi has been sentenced to 10 years in prison for his role in the dairly giant's collapse

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
reports

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.

Further reading:

Read
The Wall Street story

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

1m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

9m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor