Son of Parmalat founder on trial

21st January 2009, Comments 0 comments

Fraud trial against Stefano Tanzi began in Switzerland Tuesday.

GENEVA - The son of Calisto Tanzi, founder of the Italian dairy group Parmalat, went on trial in southern Switzerland on Tuesday on charges of fraud and money laundering, the Swiss news agency ATS reported.

The 40-year-old Italian national, Stefano Tanzi, allegedly stole USD 1.7 million (CHF 1.9 million, EUR 2.2 million) from Parmalat-owned transport firm Eliair in 2001 together with another employee.

The money was allegedly channelled into a Swiss bank account in Lugano, in the Italian-speaking canton of Ticino.

The trial at the court in Bellinzona is expected to last two days, with a verdict expected after 22 January.

In December, Parmalat founder Calisto Tanzi was sentenced to 10 years in prison in Italy over a EUR 14 billion fraud scandal in 2003 that led to Europe's largest corporate bankruptcy to date.

The 70-year-old, who turned a modest pasteurised milk company into a leading food manufacturer and symbol of Italy's post-World War II prosperity, was the first executive to be sent to prison for his part in the firm's collapse.

[AFP / Expatica]

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