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Newmont cautions on higher costs and lower gold production
Prosecutors Ask for Indictments for Five Banks
and Securities Firms in Parmalat Collapse
By The Associated Press
Friday, July 29, 2005
http://biz.yahoo.com/ap/050729/italy_parmalat_banks.html?.v=1
ROME -- Prosecutors in Milan asked a judge Friday to issue
indictments against five global banks and securities companies for
securities law violations in connection with the collapse of Italian
dairy company Parmalat, news reports said.
The requests involve 13 people and units of UBS AG, Deutsche Bank
AG, Morgan Stanley, Citigroup Inc., and Nextra, Italian news
agencies ANSA and Apcom and financial daily Milano Finanza reported.
Prosecutors allege the banks provided false information on Parmalat
Finanziaria SpA's finances before the company collapsed into
bankruptcy following an accounting scandal in December 2003, the
reports said.
The charges include market rigging and obstructing Consob, Italy's
market regulator, and involve UBS Ltd. -- the British unit of the
Swiss bank -- the Milan and London units of Deutsche Bank, London's
Morgan Stanley International Ltd., the Italian unit of Citigroup,
Nextra -- the asset manager of Banca Intesa -- and 13 people
connected to these institutions.
Those involved allegedly provided false information to investors,
encouraging them to buy Parmalat stock and bonds, while the
institutions didn't have the proper structures in place to prevent
the alleged violations, ANSA said.
Securities-law violations carry a maximum of five years in jail in
Italy. It was not immediately known when a decision would be made on
the indictment requests.
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