Parlamat CEO 'a broken man'

Published: Dec. 31, 2003 at 4:55 PM

PARMA, Italy, Dec. 31 (UPI) -- As more arrests were made Wednesday in the investigation of Italian dairy firm Parmalat, a lawyer for its former CEO described his client as "a broken man."

The attorney, Fabio Belloni, said former company chief Calisto Tanzi -- being held in jail -- believed "Parmalat should and must be saved."

Another eight people suspected of involvement in the widening Parmalat financial scandal were arrested and are being held, the Italian Judiciary Police Department told CNN Wednesday.

Belloni said Tanzi, who has admitted diverting $625 million, did not engage in fraud to enrich himself but to save the companies he founded. Tanzi has admitted falsifying accounts.

Italian prosecutors said $8.75 billion is missing from Parmalat's books, but they think the figure could go as high as $16.25 billion. That would make it the largest corporate fraud ever.

The eight arrested Wednesday are suspected of false accounting and fraudulent bankruptcy.

© 2003 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
State Farm Florida to reduce, but stay (13 min)
Royce White leaves Minnesota men's hoops (13 min)
Drunk man insists on paying $72 for taco (19 min)
U.S. markets drop sharply Thursday (35 min)
Fla. woman charged in beer-pouring battery (47 min)
UPI NewsTrack Entertainment News (48 min)
Circadian rhythms govern fruit fly feeding (49 min)
fark
Tractor-trailer spills load of adhesive on highway. Traffic reportedly stuck for miles
You think the woman you are driving behind is going too slow. Do you, c) pull alondside the car...
Elf and safety concerns at Santa's Grotto sees children turned away in tears
Pricipal . Caught sayof sex acts on child
Star Trek stops women from becoming computer scientists, ensuring a galactic future more Janice...
A private Canadian company says it will plant 1,176 trees to offset the carbon emitted by Air Force...