ITALY – Preliminary hearings into the fall of Parmalat have begun in Milan this week.

Parmalat founder Calisto Tanzi and other directors could face years in jail.

Prosecutors claimed that Parmalat managers hid the true state of the company’s finances until it collapsed last December. They are seeking for Italian offices of the Bank of America, Deloitte & Touche and Grant Thornton as well as 29 individuals to be put on trial.