Appeal leaves Parmalat founder with long jail term
ROME—An Italian appeals court has left virtually unchanged a stiff prison sentence for the disgraced founder of the Parmalat dairy empire.
The Bologna court Monday shaved two months off the 18-year-sentence that a lower tribunal gave Calisto Tanzi in 2010. LaPresse news agency quoted lawyer Giampiero Biancolella as saying he would file another appeal for Tanzi, who is 73 and ailing.
Tanzi was convicted of fraudulent bankruptcy and criminal association in the (EURO)14 billion ($18 million) 2003 collapse of Parmalat.
In separate proceedings in Milan, Tanzi was convicted of market rigging and given an 8-year prison term.
Last month, Tanzi told the Bologna court he was to blame for the suffering of tens of thousands of bondholders in the financial collapse of the global company.
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