parma

The group atop Parmalat’s collapsed dairy empire went bankrupt on Thursday as investigators pursued revelations that are shaking the Italian establishment. Parmalat meanwhile severed all links with international accountants Grant Thornton, for years the auditors of various group divisions.

The Parmalat scandal deepened on Tuesday with Dutch regulators probing three subsidiaries and an investigator suggesting that the size of the bankrupt food group’s financial black hole was ”without limit”. The scandal now involves litigation in the United States and Italy.