Kidnapped Italian banker found dead

An Italian banker who had been questioned in the probe into the collapse of food group Parmalat was found dead yesterday.

The badly beaten body of Gianmario Roveraro was found under a highway overpass near Parma, home to Parmalat, sources in the investigation said.

One of the three people arrested by police in connection with his death confessed, saying: "Yes, I kidnapped and killed him."

Roveraro was the founder of Akros Finanziaria, a financial services group and police suspect the kidnap and murder were linked to a business dispute.

Roveraro, who had helped Parmalat list its stock on the market a decade ago, went missing on July 5 after attending a Milan meeting of the Opus Dei, the conservative Catholic group.

Parmalat, known for its milk and other food products, collapsed under €14 billion of debt in 2003 in Europe's largest corporate failure.

Investigators said the gang also included a former business associate of the victim called Filippo Botteri, who lost half a million euros in a deal with Roveraro in 2003, and a computer expert identified as Marco Baldi.