Parlamat CEO 'a broken man'

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.