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.
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.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.