The trial of Calisto Tanzi, the founder and former chairman of Parmalat, the collapsed Italian dairy giant dubbed "Europe's Enron" after a €14 billion (£9.5bn) black hole was found in its accounts, started in Milan today.

But little progress was made becasue just listing the civil parties occupied all of the hearing, which closed in the early afternoon.

Lawyers had unexpectedly asked all the civil parties to testify, in theory meaning tens of thousands of investors who lost their savings in the crash could appear as witnesses.

The next sessions in early December will also be dedicated to examining the huge number of civil parties - giving a taste of what is likely to be a protracted and complex trial.

Signor Tanzi and 15 others are accused of market rigging, providing false accounting information and misleading Italy’s stock market regulator in a scandal which called corporate governance standards into question across Europe.

The trial is expected to examine the financial dealings that Parmalat's former management allegedly used to cover up losses and raise cash. Prosecutors claim the practices began shortly after the company went public in 1989.

Europe’s largest ever financial scandal was exposed in December 2003, when the company admitted that a €3.95 billion (£2.7bn) account that Bonlat, a Cayman Islands-based subsidiary, claimed to hold with Bank of America did not exist. Parmalat later filed for bankruptcy protection.

Tens of thousands of Italian and international investors lost money after the company’s downfall. As today’s hearing began, dozens of investors gathered outside. Many ordinary Italian savers have followed the judicial process, hoping to receive compensation. Some held banners thanking the Milan prosecutors.

Signor Tanzi arrived in the courthouse around one hour into the proceedings to take a seat in the front row.

Most of his co-defendants did not appear in court. In Italy, defendants are not required to attend hearings.

Defence lawyers indicated on Tuesday that Signor Tanzi, once considered a model example of Italian business success, would co-operate during the trial.

"He knows what his responsibilities are," Giampiero Biancolella, one of Signor Tanzi’s attorneys, said.

"What we want is to help reconstruct faithfully what happened at Parmalat so the judge can make a decision based on that reconstruction."

Signor Biancolella played down reports that Signor Tanzi’s defence would try to lay blame with the banks. "We cannot transform ourselves from the accused into accusers," he said.

Among the defendants are the Italian branch of Deloitte & Touche and the former Italian branch of Grant Thornton, both of which carried out auditing work for Parmalat.

Milan prosecutors had sought trial for 27 people. Eleven of those, including three of Parmalat’s former chief financial officers, were sentenced to up to two and a half years in prison under plea bargains in June, while a separate trial began in January for two accountants who worked at Grant Thornton.

In a spin-off from the main trial, prosecutors have also asked for the indictment of five global banks and securities companies for securities law violations.

Prosecutors alleged that the banks provided false information on Parmalat’s finances to investors and encouraged them to buy Parmalat stocks and bonds in the run-up to the crash.

Prosecutors in Parma, near the company’s headquarters, are seeking to put Signor Tanzi and dozens of others on trial for more serious charges, including fraudulent bankruptcy and criminal association.

Parmalat is now run by a government-appointed administrator, Enrico Bondi, who has launched a series of lawsuits against banks in an attempt to share the blame for the crash and recoup some money for the company and investors.

Signor Bondi is also restructuring the company to focus on its core products. One of Italy's best-known global brands, Parmalat plans to relist on the bourse after the summer.

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