Citigroup fights 'baseless' claims in Parmalat lawsuit

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TheTimes
By Caroline Merrell, Banking Correspondent



CITIGROUP, the world’s biggest financial services company, has come out fighting against the $10 billion (£5.5 billion) suit filed by the administrator of Parmalat, the collapsed Italian food company.

The American bank, which acted as an adviser to Parmalat, said that the claims made by Enrico Bondi, Parmalat’s administrator, were “baseless”. Citigroup is also the collapsed company’s biggest creditor.

The bank yesterday insisted that Signor Bondi had “presented no credible evidence that substantiates his allegations of wrong doing”.

Citigroup claimed that the administrator’s main allegation — that the bank knew of Parmalat’s insolvency before its collapse — is “completely untrue and entirely unsubstantiated”.
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