Pair charged over Parmalat collapse

Justice authorities have charged two people with fraud and money laundering linked to the 2003 collapse of the Italian Parmalat dairy empire.

This content was published on April 15, 2008 - 16:08

Investigations are underway in Switzerland against 18 suspects and about SFr20 million ($20.02 million) has been seized from Swiss and foreign bank accounts in connection with the case, the Federal Prosecutor's Office said on Tuesday.

The two people, unnamed under Swiss privacy laws, will stand trial at the Swiss federal criminal tribunal, prosecutors added.

Parmalat collapsed under debts of €14 billion (SFr22.15 billion) and was later re-listed on the Milan stock exchange.

Italian prosecutors sought charges after discovering the company had not earned a profit since its stock market listing in 1992, though it reported earnings every year.

The main trial into the collapse began in Italy in March with 56 defendants facing a variety of charges.

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