The trial of Parmalat founder, Calisto Tanzi is set to commence today, and is expected to run for several months.
Tanzi will be tried alongside 15 others connected to the near-collapse of the Italian dairy firm, on charges of false accounting and share price manipulation.
The charges relate to the discovery of a EUR14 billion hole in the company's accounts. The discrepancy in Parmalat's figures came about as a result of statements that the firm had offshore assets which it did not, in fact, possess, and a series of bond issues.
Audit firms Grant Thornton and Deloitte and Touche are facing the same charges as Tanzi, as is the Italian subsidiary of the Bank of America.
.Tags: Italy | Italy
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