Prosecutors support small shareholders in Parmalat
Replace directors with administrator, say prosecutors01 October, 19:57
The measure is designed to protect small shareholders, the prosecutors.
The move during a judicial hearing was applauded by Action Parmalat, an association that represents small shareholders in the company. Parmalat, a former industrial giant, crashed in Europe's largest-ever fraudulent bankruptcy in 2003.
It has struggled with other crises since then, although the company has been put back on its feet by corporate turnaround expert Enrico Bondi who, first as government-appointed administrator and later as official CEO, shed the group's non-core activities, cut foreign activities and reduced staff.