Citigroup Unit Probed in Parmalat Case
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From Reuters
Italian police seized documents from a Citigroup Inc. unit as prosecutors investigated whether anyone at the U.S. bank had helped the now-insolvent food group dupe investors.
In Milan, tax police took documents from the offices of Eureka, a unit of Citigroup. The biggest U.S. financial services firm said it was assisting Italian authorities.
Investigators are trying to establish whether anyone from Citigroup had helped Parmalat-linked firms raise debt backed by inflated invoices.
From Reuters
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