Stash of masterpieces seized in Italy

Italian tax police have seized a secret stash of masterpieces from the disgraced founder of a collapsed dairy company.

Police in Parma seized 19 works belonging to Parmalat founder Calisto Tanzi from the basements and attics of three apartments.

Among the masterpieces are paintings by Van Gogh, Picasso, Monet, Cezanne, Modigliani, Manet and Degas. Authorities estimated the total value at more than 100 million euros (£90 million.)

Police showed some of the paintings to journalists near Parmalat's headquarters today.

Italian courts have ruled that Tanzi bore the brunt of responsibility for the 2003 collapse of Parmalat under billions of dollars of debt.

Many small investors lost life savings. Tanzi has been convicted of market-rigging.