Ten Parmalat bosses are sentenced to jail

A JUDGE in Milan has sentenced 10 former Parmalat executives and a lawyer to jail for their involvement in the financial scandal that brought down Italy's biggest food group.

Judge Cesare Tacconi handed out sentences of up to two-and-a-half years for crimes that included market-rigging and obstructing regulators.

Among those convicted was former chief financial officer Fausto Tonna who, in his first public statement on the affair 18 months ago, wished journalists and their families 'a slow and painful death' as he was led to the prosecutor's office.

Tonna, one of Parmalat founder Calisto Tanzi's closest associates, spent several months in detention last year. He was jailed for two-and-a-half years. None of the convicted are expected to serve time as they are first-time offenders.

Still one of Italy's main milk producers, Parmalat went bust in 2003 after revealing a €4bn (£2.7bn) hole in its accounts. It will relist on the Milan stock exchange later this year if a €12bn debt-for-equity swap is approved.

Tanzi and other defendants, including former auditors, are to face trial in September on charges related to misleading investors and regulators.