Turning point in Parmalat scandal

Milan prosecutors moved yesterday to bring charges against 29 executives and three financial institutions to stand trial for crimes in the Italian food company Parmalat.

After three months of investigations, the prosecutors named 29 individuals and the Italian branches of the Bank of America and accountants Deloitte & Touche and Grant Thornton in a formal request for a fast-track trial for all parties.

Milan judge Guido Piffer was yesterday handed 40 binders, including 150 interrogation transcripts, and must now decide whether to order a trial. He is expected to decide in the next 10 days.

The Parmalat scandal came to light last December when it emerged that almost €4bn supposedly in a Bank of America account did not exist.