Parmalat scandal trial begins

Posted on 14 Mar 2008 by The Manufacturer

The main trial has begun into the collapse of Italian food firm Parmalat, following the revelation of a £10.7 billion ($21.7 billion) hole in its 2003 accounts.

Charges include fraud, false accounting and criminal association.

Parmalat was once Italy’s eighth-largest industrial empire, employing 36,000 people in 30 countries. The savings of 135,000 Italians were lost as a result of the collapse.

The company has since regained stability and reported a net profit of 674 million euros for 2007.