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.

Parmalat founder Calisto Tanzi, who is under arrest for his alleged role in the food giant’s near-collapse, has been rushed to hospital with heart problems.

The son and daughter of Parmalat founder Calisto Tanzi were arrested today as the investigation into alleged fraud at the Italian food giant deepened.

The National Pension Reserve fund has confirmed that it has suffered a loss of €1.4m as a result of the financial scandal at the Italian Group Parmalat.

The National Pension Reserve fund has confirmed it has suffered a loss of €1.4 million as a result of the financial scandal at Italian food group Parmalat.