Following the recent announcement that insolvent Italian dairy firm Parmalat is suing Deutsche Bank for the return of $20 million which was paid to the investment bank just 3 weeks before the firm's collapse, it emerged this week that accounting firms Grant Thornton and Deloitte Touche Tohmatsu are also being sued by the ailing company.
According to the lawsuit filed in Illinois by the new management of Parmalat against the firm's former auditors:
"The massive frauds and looting from Parmalat could not have been committed without the active, coordinated participation of these two accounting giants' offices around the world."
Both Grant Thornton and Deloitte have hotly disputed that the dairy firm lost in the region of $10 billion as a result of their alleged inaction, with the latter condemning the legal action as "unjustified", and observing that:
"It was the actions of Deloitte Italy which led to the fraud being uncovered."
.Tags: Italy | Italy
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