Today is the 14th anniversary of the start of the first tranche of the trial on crack Parmalat, the largest fraudulent bankruptcy scandal and insider trading perpetrated by a private company in Europe.
The first part of the legal case involved 18 managers of the Collecchio Board of Directors, including Callisto Tanzi. The request for compensation to natural persons only came with the subsequent process.
The shortfall left by Parmalat was discovered towards the end of 2003, although it later emerged that the financial difficulties of the group were detectable as early as the early XNUMXs. The hole, masked by false accounting, amounted to about 14 billion.
in 2010 tanzi, patron of Parmalat, was convicted in the main trial a 18 years in prison for fraudulent bankruptcy, then reduced to 17 years and 5 months in Cassation (in 2014). Many of his collaborators including managers, auditors and statutory auditors were also convicted.
In 2008, Tanzi was convicted even for upgrade, always in relation to the events of the Parmalat crash. The 10-year prison sentence established by the Court of Milan was later confirmed in the Appeal (2010) and in the Cassation (2011).
However, they paid the highest price small shareholders of the Collecchio group, who have seen reduce the value of your investment to zero. Savers who had invested in Parmalat bondsInstead, they received a partial compensation.
Despite everything, the company avoided bankruptcy thanks to the State, which intervened with the "salva-imprese" decree (also known as the "Parmalat decree") at the end of 2004, to then entrust the management of the company to the special extraordinary administration of Henry Bondi, which partially restored Parmalat's disastrous accounts.
