Parmalat, Italy’s largest food group, has insisted it remains firmly focused on recovery as the company’s founder and former CEO prepares to stand trial.
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Calusto Tanzi, who is accused of playing a part in the accounting scandal that resulted in the group’s financial collapse in 2003, is due to stand trial on 28 September.
Fifteen others have also been charged with market manipulation after allegedly issuing false accounts to Consob, the Italian stock market regulator. Those also accused in the EUR14.5bn (US$19.3bn) scandal include the Italian offices of Bank of America and accounting firm Deloitte & Touche.
“Since 2003 we have made remarkable strides in our recovery,” a Parmalat spokesperson told just-food today (14 June). “We remain focused on rebuilding and improving our business.”
Parmalat has launched legal action against a series of banks and auditing companies that it accuses of contributing to its financial collapse in 2003, when the company was forced to default on debts of more than EUR14bn.
Since the beginning of this year, the dairy giant has reached settlements totalling around EUR280m. Parmalat has more than separate 80 legal cases still underway.
