Sunday, Jun 26, 2005
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MILAN (ITALY): An Italian judge ruled on Saturday that Parmalat founder Calisto Tanzi should stand trial for alleged market securities violations related to the 2003 near-collapse of the Italian dairy giant in a fraud scandal. Judge Cesare Tacconi also ordered 15 other persons and the Italian branches of Bank of America, the auditing firm of Deloitte & Touche and the former Italian branch of Grant Thorton to stand trial. Judge Tacconi said the trial would begin on September 28 in Milan. The Parmalat scandal blew open when it was revealed that an alleged Bank of America account held by a Cayman Islands-based Parmalat subsidiary, Bonlat, did not really contain the $5-billion the company had claimed. Parmalat filed for bankruptcy protection in December 2003 after the scandal broke. Shortly afterward, the company revealed that its net debt was more than $18 billions, eight times higher than what the company had previously stated. — AP
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