Prosecutors investigating Italian food group Parmalat have called for 29 executives and three financial institutions to stand trial for crimes in the multi-billion euro scandal, according to reports.
A judicial source in Milan was quoted as saying that those on the list were Parmalat founder Calisto Tanzi and the Italian affiliates of auditors Deloitte & Touche and Grant Thornton, along with that of Bank of America, for their dealings with the now-insolvent multinational.
After three months of investigations, the call for a trial by prosecutors in Milan marked a turning point in the scandal that has shaken Italy and called into question the role of some of the world's biggest banks and auditors.
Parmalat stunned financial markets in December when it revealed a massive hole in its accounts and slid into insolvency. Its debts have since been revealed to be more than €14 billion.
Prosecutors yesterday handed 40 binders, including 150 interrogation transcripts, to a judge who must now decide whether to order a trial.
Bank of America said it would defend itself against any charges. Yesterday's list included three former Bank of America employees as well as Tanzi's son and his brother, former Parmalat board members and outside auditors, the source said.
All those named were accused of market-rigging - conspiring to issue false information about Parmalat's finances that misled the market. The crime is punishable by up to 10 years in jail. Other charges sought by the prosecutors include false auditing and regulatory obstruction.
