Main Probe Into Parmalat Wrapped Up
Wednesday May 11, 4:26 pm ET
By Aidan Lewis, Associated Press Writer
Main Probe Into Fraud Scandal at Parmalat Wrapped Up, Officials Say; 70 Expected to Be Charged
ROME (AP) -- The main probe into the fraud scandal at Italian dairy giant Parmalat wrapped up Wednesday with about 70 suspects expected to be charged, the prosecutor's office said Wednesday.
Prosecutors investigating the case in Parma signed the formal paperwork and deposited their conclusions along with testimony and evidence gathered with the courthouse, assistants in the office said.
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The prosecutors in the northern town of Parma, near the company's headquarters, have been investigating the possibility of bringing charges that include fraudulent bankruptcy and criminal association.
The prosecutor's office said it could not immediately indicate when indictment requests might arrive.
In a separate probe, Milan prosecutors a year ago asked for the indictment of 27 people, including Parmalat founder and former boss Calisto Tanzi, on charges including market rigging. They also requested the indictment of the auditing firms that oversaw Parmalat's accounts.
A Milan judge still has to rule on those requests.
Parmalat filed for bankruptcy in December 2003 after the scandal broke. Shortly afterward, the company revealed that its net debt was more than 14 billion euros ($18.3 billion), eight times higher than what the company had previously stated.
Since the scandal, Parmalat has been run by government-appointed turnaround expert Enrico Bondi.
On Tuesday, Parmalat SpA's Managing Director Carlo Prevedini said the dairy group's shares should be listed again on the Milan stock exchange by the beginning of September.
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