Parmalat fraud trial set to open

Parmalat’s founder and former chairman goes on trial today in Milan alongside other former directors, lawyers and accountants, nearly two years after the prolonged and massive fraud at the Italian dairy giant was discovered.

Parmalat Finanziaria SpA founder Calisto Tanzi and 15 others are accused of market rigging, providing false accounting information and misleading Italy’s stock market regulator in the £10bn (€14.7bn) scandal that was dubbed “Europe’s Enron".