Parmalat trial kicks off
One of Europe's biggest accounting trials has kicked off with sixteen people in the dock, a £9.5 billion hole in the accounts and around 135,000 aggrieved bond holders and stock market investors.
Calisto Tanzi, the founder of Italian dairy giant Parmalat, will take the stand along with ex-directors, lawyers and accountants from Deloitte and Grant Thornton.
The charges include market rigging, misleading Italy's stock market regulator and providing false accounting information.
The prosecution alleges that the company claimed it had offshore assets that did not exist and then borrowed on