Italy-Parmalat cheif jailed for 10 years.

ITALY

PARMALAT FOUNDER GET 10 YEARS.

The founder of the worlds largest dairy company Parmalat, was sentenced to 10 years in prison on Thursday for market rigging.

Carlisto Tanzi, was on trial with co directors and accountants and bankers, however his co-defendants were acquitted.

Parmalat collapsed with debts of US$29 billion, affecting over 100,000 small investors, along with thousands of farmers, who were not paid for milk supplied.

Many people lost their life savings, Brazil was probably hit more than any other country, as Parmalat enjoyed a government license, to buy the majority of the milk in the country.

Having said this, many countries were very badly hit by the collapse of the worlds largest creamery.