Brussels (Jan. 8, 2004) -- In an effort to protect its reputation from the effects of the Parmalat scandal embroiling its Italian member firm, Grant Thornton International on Thursday terminated its relationship with Grant Thornton SpA in Italy.

“As a result of our ongoing investigation it is clear that Grant Thornton SpA will not be able to operate in the foreseeable future in an effective way to protect the reputation of the Grant Thornton International name and the reputation of the other independent firms in the Grant Thornton International network,” said David McDonnell, chief executive of Grant Thornton International.

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