BusinessCorporate FinanceCharges imminent after Parmalat investigation

Charges imminent after Parmalat investigation

Charges are about to be after 18 months of investigation into the Parmalat collapse

The first wave of charges to be laid as a result of 18 months of investigation into the alleged fraud at Parmalat, the collapsed Italian dairy giant, are expected to be announced in the next few days.

Link: Parmalat applies for share listing

Prosecutors in Parma will lay charges against as many as 60 or 70 (mostly) former staff at the dairy company, which imploded at the end of 2003. However, individual financiers and lawyers, alleged to have helped the company, may also be targeted.

This will be the first such move by prosecutors based near Parmalat’s headquarters in Collecchio.

Prosecutors based in Milan are far more advanced in their cases and have focused on banks including Citigroup, Bank of America, Morgan Stanley, Deutsche Bank and UBS in their probes into price manipulation. All the banks deny wrongdoing.

Parmalat is continuing its restructuring plans and expects approval for stock market relisting in the next few days. A new management team can then be appointed buy a new board before relisting.

The company has announced a new line of low-fat products called Jeunesse, comprising milk, fruit juice, yoghurt and various healthy ingredients. They are said to be good for the complexion.

Meanwhile, the company’s founder, Calisto Tanzi, and others at Parmalat have been facing down negotiations over sentencing for several months.

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