Scandal! Founder of global food company sentenced to 18 years in jail

Calisto Tanzi, founder of the Parmalat global food conglomerate has been sentenced to 18 years in prison for his role in a €14bn collapse that was dubbed “Europe's Enron”.

Calisto Tanzi, 72, was also the chief executive of the dairy products empire when it failed in 2003 in what was then Europe's biggest corporate catastrophe. A court in the northern city of Parma – the headquarters of the company – found the multi-millionaire businessman guilty of fraudulent bankruptcy and criminal association.