Parmalat founder convicted of fraud | News | Al Jazeera

Parmalat founder convicted of fraud

Calisto Tanzi convicted of market rigging and other charges over dairy empire's collapse.

    Before its collapse, Parmalat had operations in 34 countries [EPA]

    At a hearing last month, Tanzi again denied having orchestrated the collapse of his company, saying Parmalat's finances had been distorted by a "house of mirrors".

    "I never created, I never with knowledge orchestrated a great fraud at the expense of investors," Tanzi told the court, blaming instead a series of operations involving various banks that sold the bad bonds.

    Before its collapse, Parmalat had grown into an international conglomerate with operations in 34 countries.

    After a relisting in 2005, the new Parmalat, headed by Enrico Bondi, its chief executive, began working to recoup billions of dollars from banks and other financial institutions.

    Prosecutors had demanded 13 years for Tanzi.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    America's Guns: Secret Pipeline to Syria

    America's Guns: Secret Pipeline to Syria

    How has the international arms trade exacerbated conflict in the Middle East? People and Power investigates.

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.