BOLOGNA, Italy, March 26 (UPI) -- Calisto Tanzi, the former head of collapsed Italian food giant Parmalat apologized in court Monday where he is appealing his 18-year prison sentence.
Tanzi arrived at the court in Bologna by ambulance. Severe health issues have landed him in the hospital in Parma. He had previously been serving his jail sentence, which began in May 2011.
Tanzi told the court he was sorry for "concealing the real condition" of the company, ANSA reported.
He said he had not realized the "magnitude and significance" of this fraudulent behavior until the hearings in which he was convicted of fraud and rigging the market.
The scandal was discovered, when it was learned that $5.3 billion Parmalat supposedly had in off-shore bank accounts did not exist.
The company had $19.3 billion in debts when it collapsed, ANSA said.
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