The founder of insolvent Italian food giant Parmalat has rejected charges of fraud. Calisto Tanzi, who was arrested on Saturday, said he had taken no more than €500 ($624) for personal expenses out of company coffers. "No money disappeared, just non-existent assets," Tanzi’s lawyer told Italian reporters. At the center of one of Europe’s biggest accounting scandals, Tanzi is accused of wiring as much as €7 billion of the firm’s money into private accounts. He is also suspected of committing market rigging and false auditing. A judge now has to decide whether to keep the 65-year-old in prison. Parmalat is Italy’s eighth largest industrial company.