Martedì, 18 Settembre 2018

Bankers' sentences upheld in Parmalat offshoot trial

English
© ANSA

(ANSA) – Bologna, June 7 – An Italian appeals court
confirmed the sentences handed down to two top Italian bankers
in 2011 for their role in the bankruptcy of a firm linked to the
2003 collapse of the Parmalat dairy giant.
Former Banca di Roma head Cesare Geronzi, 78, was convicted
of fraudulent bankruptcy and usury over the closure of
Parmalat's ex-subsidiary Ciappazzi and received a five-year jail
term.
Former Capitalia CEO Matteo Arpe's sentence of three years
and seven months was also upheld.
Judges also confirmed sentences for another six other
indicted parties.
The 2011 conviction was Geronzi's second.
July 2011 he received a four-year term for his role in the
the fraudulent bankruptcy of foods conglomerate Cirio.
Geronzi, also the former chairman of premier merchant bank
Mediobanca, lost his leading role in Italian capitalism when he
stepped down from the helm of insurance giant Generali in April
2011.
In Italy jail terms do not usually take effect until the
appeals process is exhausted, with two appeals granted in each
case.
Unicredit was also fined 200 million euros for Banca di
Roma's role in the Cirio bankruptcy.
Founded in the mid-19th century, Cirio was Italy's oldest
food canner.
Cirio's collapse was followed by that of Parmalat.
Parmalat went under in December 2003 in a false accounting
scam that resulted in estimated debts of 14.5 billion euros.
The dairy multinational's meltdown left more than 150,000
investors with virtually worthless bonds.
After his arrest at the end of 2004, Parmalat's disgraced
founder and ex-CEO Calisto Tanzi accused Geronzi of
"pressuring" him to buy the Eurolat milk company from Cirio at
a price far above its market value.
Geronzi denied Tanzi's accusations which he said were
"self-serving".
However, the operation raised some eyebrows because
proceeds from the sale were given directly to Banca di Roma,
which not only had lent large sums of capital to Cirio but was
also involved in placing both Parmalat and Cirio bonds with
small investors.

Photo: Cesare Geronzi

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