Parmalat is reportedly seeking damages of EUR4.2bn (US$6.7bn) from Hermes Asset Management over the group’s alleged involvement in the dairy giant’s 2003 financial collapse.
Go deeper with GlobalData
Parmalat is said to have filed a lawsuit was filed with a court based in Parma, Italy.
According to reports, Parmalat claims that although Hermes – who held a 2.2% stake in Parmalat at the time of its collapse – highlighted anomalies in the company’s accounts to internal auditors in 2002 it could have unveiled false accounting a year earlier.
“We cannot comment on this case” a spokesperson for the company told just-food.
“We are actively seeking compensation from all parties who contributed to our bankruptcy in 2003,” the spokesperson added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
