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All Swissair defendants cleared | All Swissair defendants cleared |
(20 minutes later) | |
All 19 defendants accused of crimes linked to the collapse of national carrier Swissair have been cleared. | |
Switzerland's biggest corporate trial looked into the events leading up to Swissair's bankruptcy in October 2001. | |
The defendants included its last chief executive Mario Corti, who was the only one facing a prison sentence. | The defendants included its last chief executive Mario Corti, who was the only one facing a prison sentence. |
The collapse of Swissair shook the country's confidence in its business leadership and damaged its reputation for business efficiency. | |
There has been such interest in the trial that Swiss television is devoting four hours of live coverage to the delivery of the verdict. | |
The charges included damaging creditors, mismanagement, making false business statements and forging documents. | |
Swissair was the first major airline to go bankrupt following the terror attacks of 11 September 2001. | |
It had been left vulnerable after a $3bn (£1.5bn) cash balance was turned into a $14bn debt, mainly by a strategy of buying smaller European airlines. | |
Swissair's assets were merged with the regional airline Crossair to form Swiss International in 2002, which was bought by Lufthansa in 2005. |