Parmalat trial

Lawyers addressed the judge inside a convention center being used for the proceedings because of the large number of defendants and civil complainants, while a handful of mostly elderly investors who lost savings in the crash gathered outside. I believed the investment adviser. While Tanzi remains a central figure in the scandal, even the small investor outside the hearing assigned him less responsibility than the banks for the failure. Antonio Tanza, a lawyer who represents about 1, small investors, said the Parma trial is the most important because it focuses not just on the executives, but also on the Italian and foreign banks that sold the bad bonds to small private investors.

He is seeking damages on behalf of his clients that are double their losses to account for suffering. Tanzi, who in another Parmalat trial in Milan asked investors to forgive him, has blamed banks for leading the dairy company to its downfall, claiming they were the ones pushing the sales of the bonds.

The maximum sentence is five years. Now, the loss in Italy from the Parmalat scandal is around 3 billion euros. Unfortunately, the worst things that happen to Italian investors are not these company collapses, but rather the mismanagement of managed investment funds. The company has maintained the name and the production facilities, but for an investor the past story of Parmalat has nothing to do with buying the stock today since all of the company's debts were wiped out before its re-listing.

A trial stemming from the near collapse of Italian dairy group Parmalat, the European Union's biggest financial scandal, opens Wednesday with the company's founder Calisto Tanzi in the dock. During a civil trial on Wednesday, Jan. Top European finance officials stressed on Monday, Jan. Visit the new DW website Take a look at the beta version of dw. Go to the new dw.

More info OK. Wrong language? Change it here DW. COM has chosen English as your language setting. COM in 30 languages. Deutsche Welle. Audiotrainer Deutschtrainer Die Bienenretter. The shares might have crashed but the company kept on milking. How important is what happens in the courtroom in Milan over the next few months? Will investors ever recover everything that they lost? What impact has the Parmalat scandal had on the food industry in Europe?

So it was only the investors who found themselves burnt by this scandal? Yes, and the creditors and the banks, which lost a big slice of their money. Is the Parmalat scandal the worst thing that has happened to Italian investors? How new is the new Parmalat -- has anything changed? Bank of America will go to trial in Milan as a civil party, as the employer of three of those indicted. It has not been sent to trial over its administrative responsibility as a firm. Bank of America and Deloitte have denied wrongdoing.

Grant Thornton severed links with its Italian arm in the aftermath of Parmalat's collapse. Prosecutors have been investigating suspected financial crimes since Parmalat, once one of Italy's biggest industrial groups, crumbled under the weight of billions of euros of debt. Parmalat plans to relist on the bourse after the summer. Related Articles Image. Pandora Papers: Interview with Chuck Collins.