PARMALAT founder Calisto Tanzi was sentenced on Thursday to 10 years in prison over a 14 billion euro (US$22bil) fraud scandal in 2003 that caused Europe’s largest corporate bankruptcy to date.
The 70-year-old, who turned a modest pasteurised milk company into a leading food manufacturer and symbol of Italy’s post-World War II prosperity, is the first executive to be sent to prison for his part in the firm’s collapse.
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