BusinessCompany NewsParmalat trial starts as 50 face fraud charges

Parmalat trial starts as 50 face fraud charges

The Parmalat trial starts today as more than 50 defendants face fraud charges

The trial involving
Parmalat,
starts today in Parma, Italy, almost five years after the Italian dairy company
collapsed in one of Europe’s biggest accounting scandals.

More than 50 defendants, including Calisto Tanzi, the company’s former chief
executive; his brother Giovanni; and the chief financial officer, Fausto Tonna,
face charges of fraud and criminal association, The Daily Telegraph
reports.

If convicted, Tanzi, 70, faces up to 15 years in jail. His children have
already negotiated lighter prison terms, after one of the associated trials
which have already been held.

A separate trial of five major foreign banks:
Citigroup,
Morgan Stanley, Bank of America, UBS and Deutsche bank, opened in Milan last
month. They are accused of share price manipulation because they allegedly knew
Parmalat was bankrupt but continued to lend it money.

Further reading:

GT battles insurers over Parmalat liability cover

Parmalat bank hearings delayed

Read
story in The Daily Telegraph

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