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Business

Deutsche Bank Under Investigation in Parmalat Case

Prosecutors investigating the collapse of the Italian food conglomerate Parmalat have placed seven international banks including Deutsche Bank under investigation for price manipulation. The other banks under investigation include Bank of America, Citigroup, Morgan Stanley, UBS, Banca Popolare di Lodi and the fund management arm of Banca Intesa. Prosecutors in Milan and Parma have so far arrested a total of 11 people, including Parmalat's founder, Calisto Tanzi, two former chief financial officers and a former employee of Bank of America. As part of the two-month investigation, Italian tax police searched the Milan offices of the seven banks or their subsidiaries, but none of the financial institutions had yet been formally placed under investigation. The prosecutors are seeking to establish how much the institutions knew about Parmalat's true financial situation in the months before the company's collapse into insolvency

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