Former CEO faces charges in fraud at food giant

Monday, Dec. 29, 2003 | 11:39 a.m.

A ruling in the prosecutors' favor would convert the detention of Calisto Tanzi into a formal arrest and allow charges to be leveled officially against him.

Tanzi was picked up late Saturday in Milan, after having slipped out of the country as the criminal investigation intensified into the near-collapse of the company he founded in 1961 in what is being dubbed as "Europes's Enron."

Parmalat's shares, which have plummeted over 90 percent since the company acknowledged earlier this month it had misrepresented its financial position, were suspended indefinitely by the Italian Stock Exchange late Sunday.

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