IFSC company questioned over Parmalat role

Eurofood IFSC Limited, an Irish subsidiary of Parmalat, which provided financing facilities for companies in the group, is still being investigated by Italian authorities.

According to its most recent set of accounts, Eurofood was involved in issuing bonds worth $180 m (€143 m) in the US, and also in raising funds for the Italian food group's operations in Venezuela.

Prosecutors in Milan have called in Antonio Luzzi of Bank of America to ask him about the role played by Eurofood IFSC in the issuing of bonds sold in the US.

The former head of the Bank of America corporate finance unit in Italy, Luca Sala, for whom Luzzi worked, has also been questioned by the prosecutors.

Bank of America in Dublin has made no comment as to whether it has been contacted by the Italian authorities, the Irish Times said today.

Liam O'Reilly, chief executive of the Irish Financial Services Regulatory Authority (IFSRA), said Eurofood was a "small subsidiary" of Parmalat and that the watchdog was working with others in relation to the matter.

There has been no allegation of any impropriety by Eurofood IFSC, and O'Reilly said that nothing had arisen so far to suggest any improper conduct.