Parmalat auditors to 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.

Related reading