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Business

Report: Deutsche Bank Part of Parmalat Investigation

Prosecutors investigating the scandal surrounding the collapse and bankruptcy of Italian food conglomerate Parmalat are increasing their focus on the role banks may have played in the incident. They are seeking to find answers to how €8 billion went missing from the company's balance sheet. Milan public prosecutors were investigating whether insider trading and share price manipulation had occurred in the trading of shares of Parmalat Finanziaria, the parent of Parmalat. In the coming days, executives of Germany’s Deutsche Bank as well as three Italian credit institutions are expected to be interrograted, Italy’s Corriere della Serra newspaper reported on Monday. Prosecutors in Parma and Milan are reported to be interested in why Deutsche Bank doubled its shares in Parmalat holding company Parmalat Finanziaria to 5.2 percent in November, despite the fact the company was on the verge of bankruptcy. Since then, Deutsche Bank has reduced its holdings to less than 2 percent. Investigators reportedly were expected to probe Deutsche Bank capital transfers between South America, the Cayman Islands, the eastern U.S. state of Delaware, Luxembourg and Malta. (dsl)