Parmalat has indicated that it will appeal against the ruling that cleared Citigroup of playing a part in the 2003 financial collapse of the Italian dairy company.
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Parmalat accused Citigroup of assisting in the concealment of corrupt activity by former Parmalat executives and was seeking damages of US$2.2bn.
However, the US bank launched a counter suit, which claimed that it had in fact been a victim of Parlmalat’s fraud. A US court ordered Parmalat to pay civil damages of $364m in October.
However, in a statement issued on Friday (19 December), Parmalat indicated that it would appeal the decision.
“Parmalat’s case is now proceeding to appeal,” the company said. “The company is continuing its efforts to recover for Citigroup’s role in Parmalat’s collapse.”
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By GlobalDataWhen contacted by just-food, Parmalat declined to elaborate on the appeal.
