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4 years ago
Court confirms jail sentences on Italian bankers in Parmalat case
June 7, 2013 / 11:46 AM / 4 years ago

Court confirms jail sentences on Italian bankers in Parmalat case

1 Min Read

BOLOGNA, Italy June 7 (Reuters) - An appeal court sentenced prominent Italian bankers Cesare Geronzi and Matteo Arpe to jail sentences on Friday in a case revolving around the acquisition of a water company by Italy's dairy group Parmalat.

Geronzi, former chairman of lender Banca di Roma, was given a 5 year sentence while Arpe, also a manager at the Rome-based group, received a sentence of 3 years and 7 months.

The sentences confirmed the jail terms previously handed down to the two bankers by a lower court.

According to the prosecutors Geronzi had forced former Parmalat head Calisto Tanzi to buy water company Ciappazzi in return for a loan.

Banca di Roma changed its name to Capitalia before merging with UniCredit in 2007.

Reporting By Valentina Accardo, writing by Stephen Jewkes

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