(Parmalat founder) Tanzi sees 10-year sentence confirmed

[demoleft]

Source: ansa

(ANSA) - Milan, May 26 - An appeals court here on Wednesday upheld a ten-year sentence handed down against disgraced Parmalat founder and former chairman Calisto Tanzi for market-rigging in connection with the collapse of his food multinational at the end of 2003.
...

In its ruling on Wednesday, the court also said that Tanzi will have to reimburse some 32,000 Parmalat share and bond holders for a total of about 100,000 euros.

Commenting on the court's ruling, Tanzi said "I'm stunned because I was actually expecting my sentence to be reduced".

...

The Parmalat founder is involved here in another trial along with 12 others and five international banks - Bank of America, Morgan Stanley, Deutsche Bank, UBS and Citigroup - which are accused of share price manipulation and organizing bond issues to cover their own potential losses, in the event Parmalat defaulted on loans they had extended to it.

Read more: http://www.ansa.it/web/notizie/rubriche/english/2010/05/26/visualizza_new.html_1816112394.html

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he has a last chance with the Italy's supreme Court of Cassation, the last step before a definitive sentence.
no comment on his "stunned" surprise.

[Blue_Tires]

1. wow...some countries actually put corporate crooks in jail....

[HillbillyBob]

2. What a concept, conviction for crime committed

nt