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Verdict awaited in Swissair trial | Verdict awaited in Swissair trial |
(about 4 hours later) | |
Current and former executives of failed Swiss airline Swissair are set to learn their fate as the biggest corporate trial in the nation's history ends. | |
Verdicts are now due in the case, which has seen the airline's entire board face charges of mismanagement, fraud and false accounting. | |
Many of its former chief executive officers have also been on trial. | Many of its former chief executive officers have also been on trial. |
Swissair's 2001 bankruptcy shocked the Swiss, which had always seen it as a symbol of their country's efficiency. | |
In Switzerland it is being called the trial of the century, and such is the interest that Swiss television will devote four hours of live programming to the verdict being delivered. | In Switzerland it is being called the trial of the century, and such is the interest that Swiss television will devote four hours of live programming to the verdict being delivered. |
Those in the dock were once the elite of Switzerland's business community - the managers and board members of Swissair. | Those in the dock were once the elite of Switzerland's business community - the managers and board members of Swissair. |
The airline was loved by the Swiss people, who affectionately called it the Flying Bank because of its longstanding financial success. | The airline was loved by the Swiss people, who affectionately called it the Flying Bank because of its longstanding financial success. |
But Swissair collapsed, bankrupt in 2001 and the 19 defendants are charged with mismanagement and fraud. | But Swissair collapsed, bankrupt in 2001 and the 19 defendants are charged with mismanagement and fraud. |
They face big fines and suspended prison sentences if convicted. | They face big fines and suspended prison sentences if convicted. |
But they all maintain their innocence and lawyers observing the trial have suggested acquittals may be more likely than convictions because while turning Swissair's $3bn cash balance into multi-million dollar debts in just a few years may be very stupid, it isn't necessarily a crime. | But they all maintain their innocence and lawyers observing the trial have suggested acquittals may be more likely than convictions because while turning Swissair's $3bn cash balance into multi-million dollar debts in just a few years may be very stupid, it isn't necessarily a crime. |
Guilty or innocent, however, the collapse of Swissair caused serious damage to Switzerland's international image for business efficiency and to the trust the Swiss themselves have in their business leaders. | Guilty or innocent, however, the collapse of Swissair caused serious damage to Switzerland's international image for business efficiency and to the trust the Swiss themselves have in their business leaders. |
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