Parmalat Executives Under Investigation
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FOOD
Prosecutors looking into the crisis at Italian food company Parmalat Finanziaria placed Calisto Tanzi, the company’s founder and former chief executive, and 20 other executives under investigation after the dairy company admitted to a multibillion-dollar hole in its balance sheet.
The prosecutors are looking into possible fraud and other allegations concerning the suspected falsification of company documents.
Parmalat made international headlines Friday when it stated that Bank of America Corp. was not holding about $4.91 billion that the company had reported in September. The letter guaranteeing the funds was fake, the bank said.
From Associated Press
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