Switzerland's biggest ever economic crime trial began in Zurich yesterday when a court heard opening statements in a case against 19 former managers, board members and consultants of failed airline Swissair.
SAirGroup, Swissair's parent company, collapsed in 2001 with debts of around 17 billion Swiss francs ($13.64 billion), following a disastrous acquisition campaign that targeted struggling European rivals.
Gerhardt Fischer, a former SAirGroup board member, blamed Swissair's demise on the effects on the global aviation industry of the September 11 attacks in the United States.
"I am convinced that without those events the company would still be in a healthy state," said Mr Fischer, joined by around 100 spectators at the court.
"I was confronted with the unexpected worsening of the financial situation," he said, before exercising his right to remain silent for the remainder of the session.
The hearings will be closely followed in business circles with the rulings expected to shed light on the grey area between poor management and criminality at a time when the public's focus on corporate governance is intensifying.
State prosecutors have charged 19 individuals with irregularities including defrauding creditors, falsifying documents, breach of trust, and making false statements.
Several of the accused face possible prison sentences if convicted.
Former CEOs Mario Corti, Eric Honegger and Philippe Bruggisser are among those charged for their efforts to salvage the group.
Zurich's chief prosecutor Andreas Brunner has said that none of the accused is believed to have been motivated by personal profit.
"These are not actual business criminals or frauds," Mr Brunner said when presenting the charges in March 2006, "but people who primarily wanted to prevent the collapse of the SAirgroup... sometimes, unfortunately, using dishonest methods".
As well as leading to investment, pensions and job losses, the company's sudden demise came as a major blow to Swiss pride, with Swissair seen as a symbol of national reliability, quality and efficiency.
The Swiss public's fascination in the events leading up to the bankruptcy remains strong - so much so that a documentary film chronicling Swissair's final days was the most popular domestic movie in the country's cinemas last year.
The trial is being held in a town hall capable of holding up to 1,500 people, as the regular court rooms were too small to cope with the media and public interest.
Many of the actions highlighted by the prosecution involve instances where the accused are alleged to have diminished the worth of the parent company, SAirGroup, in their efforts to keep flagship Swissair flying.