BusinessBusiness RecoveryAdministrator to clear out Parmalat board

Administrator to clear out Parmalat board

The government-appointed administrator handling disgraced Italian dairy group Parmalat is set to clear out the board.

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.

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