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April 17, 2008

ITALY: Parmalat seeks more damages

Parmalat is reportedly seeking damages of EUR4.2bn (US$6.7bn) from Hermes Asset Management over the group’s alleged involvement in the dairy giant's 2003 financial collapse.

Parmalat is reportedly seeking damages of EUR4.2bn (US$6.7bn) from Hermes Asset Management over the group’s alleged involvement in the dairy giant’s 2003 financial collapse.

Parmalat is said to have filed a lawsuit was filed with a court based in Parma, Italy.

According to reports, Parmalat claims that although Hermes – who held a 2.2% stake in Parmalat at the time of its collapse – highlighted anomalies in the company’s accounts to internal auditors in 2002 it could have unveiled false accounting a year earlier.

“We cannot comment on this case” a spokesperson for the company told just-food.

“We are actively seeking compensation from all parties who contributed to our bankruptcy in 2003,” the spokesperson added.

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