Link: Parmalat special report
Enrico Bondi is expected to start with removing Stefano Tanzi from the board of Parmalat as well as from its main operating subsidiary Parmalat SpA.
Tanzi, the son of Calisto Tanzi, the imprisoned founder and main shareholder of Parmalat, is also expected to be removed from the presidency of loss-making Italian Serie A football club, AC Parma.
Investigators will also continue to probe several banks whose bosses are believed to have helped the Parmalat board create false assets worth billions of euros.
Last week, Luca Scala, a former Bank of America executive, was placed under investigation by magistrates.
The level of exposure to Parmalat from other banks is also becoming clearer. Citigroup has some €1bn exposed, JP Morgan some €100m, ABN Amro €70m and Barclays €60m.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies