Belfast Telegraph

Thursday 17 April 2014

Banks cleared of charges over parmalat collapse

Four international banks have been cleared of criminal charges related to the 2003 collapse of the Parmalat dairy empire. They all issued statements expressing satisfaction with the ruling, which brings to an end the two-year trial, one of a series seeking to assign blame in the corporate failure that still ranks as Europe's largest. Parmalat collapsed under the weight of its €14bn (£12bn) debt. The banks, which claimed they were defrauded by Parmalat, always denied wrongdoing.