Parmalat auditors to stand trial
An Italian judge today ruled that two former auditors of Parmalat, the dairy giant embroiled in a ¿14bn euro fraud, must stand trial.
Link: Deloitte and Grant Thornton face £5bn Parmalat lawsuit
Judge Cesare Tacconi began preliminary hearings on Tuesday to decide whether to put 32 individuals and companies on trial for one of Europe’s biggest financial scandals in decades.
Tacconi has ruled that two former Grant Thornton auditors, Lorenzo Penca and Maurizio Bianchi, should stand trial in January, Reuters reported.
Prosecutors claim former Parmalat managers, aided by three ex-Bank of America employees and external auditors, disguised the company’s true financial position by hiding almost ? ¬14bn worth of debt.