Bosses charged over Parmalat scandal

A MILAN judge has formally charged Parmalat founder Calisto Tanzi, plus 15 other executives and three financial institutions over their role in the scandal that plunged one of Italy's best-known brands into insolvency.

Judge Cesare Tacconi sent the executives to trial on Saturday, after eight months of preliminary hearings, on charges including market-rigging, false auditing and hindering the work of regulators.

The Italian offices of Bank of America, auditors Deloitte & Touche and the former Italian affiliate of Grant Thornton were also charged with helping dairy group Parmalat mislead investors. One of Italy's best-known food companies, with diary products and juices lining the shelves of the country's supermarkets, Parmalat stunned investors in 2003 when it revealed a €4 billion bank account did not exist.