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All Swissair defendants cleared All Swissair defendants cleared
(20 minutes later)
All 19 defendants accused of mismanagement, fraud and false accounting linked to the collapse of Swissair have been cleared. 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 grounding in October 2001. 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. 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.