PARMA, Italy Dec 20 An Italian court on Tuesday
acquitted four former JPMorgan executives from
accusations of fraudulent bankruptcy in a probe over the U.S.
bank's role in the 2003 collapse of dairy group Parmalat
, a judicial source said.
A judge in the northern Italian town of Parma where the
Parmalat is headquartered ruled in favour of a request from
prosecutors to acquit JPMorgan's former Italy head Federico
Imbert, his deputy Gabriele Schiavi as well as top executives
Alessandro Mitrovich and Alessandro Rombelli.
Parmalat collapsed at the end of 2003 with a 14 billion
euros hole in its accounts. The crisis erupted when the company
said a 4 billion euro bank account held by a Cayman Islands unit
did not exist, forcing management to seek bankruptcy protection
and triggering a criminal fraud probe.
The JPMorgan former executives had been accused of hastening
the bankruptcy of Parmalat by helping the company issue bonds
when it was already facing financial problems.
(Reporting by Valentina Accardo, writing by Valentina Za)