BusinessCompany NewsParmalat fraud trial opens without founder

Parmalat fraud trial opens without founder

The Parmalat fraud trial against 55 defendants has opened without founder and chief culprit

The main fraud trial of the 55 defendants involved in the collapse of Italian
dairy giant
Parmalat,
has started in Parma, but without the group’s founder Calisto Tanzi appearing
in court.

The lawyers for Tanzi said he would appear for later hearings even though his
health was ‘precarious’. Gianpiero Biancolella, one of the defence lawyers, said
Tanzi was ‘at home, being a grandfather’, The Times reports.

The lawyers said Tanzi had ‘assumed his responsibilities’ and ‘offered his
apologies’, but noted that ‘all those who contributed to making savers the
victims must be held accountable’.

The trial, a merger of five smaller trials into one main trial, which is
expected to last up to three years because of its complexity, has been
adjourned until May.

Further reading:

Parmalat trial starts as 50 face fraud charges

GT battles insurers over Parmalat liability cover

Read
story in The Times

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