Italian food group Parmalat founder Calisto Tanzi on Tuesday blamed his own financial ineptitude as well as banks for the meltdown of his dairy and foods multinational.

Tanzi, who is on trial in Milan for market rigging and misleading regulators, addressed the court for the first time since hearings began last September, according to Italian News Agency ANSA.

In his first testimony to the Milan court, Tanzi said his relationship with creditor banks and international merchant banks to keep his group afloat had degenerated into one "akin to a drug addict and his pusher".

At the time of its collapse at the end of 2003, Parmalat had created an accounting hole of 14.5 billion euros, making it Europe 's biggest case of corporate fraud.

"I never had any problems finding credit. I thought their (the banks') readiness to extend me further credit was in recognition of my ability as a businessman," Tanzi told the court.

"It is all too clear to me now that to be a good businessman you need to have a handle on the financial side," he added.

"It took me months to finally understand the real aim and purpose of all those financial operations carried out with the advice and guidance of Italian banks and international merchant banks," he continued.

In his testimony, Tanzi accepted responsibility for his administrative role in Parmalat's collapse and apologised to those small investors,including his own employees, who bought the group's bonds and lost their savings.

"I ask forgiveness from those whom I have hurt. Parmalat was my life, my dream. It should never have turned into the gigantic fraud it has now been defined as," Tanzi said.

Tanzi is on trial for crimes related to the stock market along with 15 others, including former Parmalat executives, banks and accounting firms.

They will also be tried in Parma, where the multinational has its headquarters, to deal with other charges related to the group's collapse, including fraudulent bankruptcy, false accounting and embezzlement.

Source: Xinhua