Word: hiding
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...immigration clerks around the world. He showed up in Indonesia two days after the Bali disco bombing in 2002. He has logged trips on a moment's notice to Iran, Yemen and Qatar as well as the U.S., Australia, Canada, England and Brazil. And Yang doesn't try to hide the substances contained in little glass vials that he brings home from his travels. In fact, they're lined up on the windowsill of his Beijing office, affixed with labels like SAUDI SWEET. Yang, it turns out, works for the China National Offshore Oil Corp. (CNOOC) and is responsible...
...helping him set up the Brazilian refinancing. Luzi met him at a prearranged spot in the Swiss town of Lugano, handed him an empty briefcase, and waited. About an hour later, Sala returned with the case filled with cash. By now Parmalat's true debts were too big to hide. The beginning of the end came in 1999, when Parmalat executives transferred the activities of the three shell companies to Bonlat, the Cayman Islands firm at the center of the fake Cuban milk scheme. By 2002, Bonlat's fictitious assets had grown so enormous - up to $8 billion - that...
...hide its insolvency, [Parmalat] entangled itself in grandiose operations that were ever more costly
...group began snapping up dairy and other companies in Italy, Brazil, Argentina, Hungary and the U.S. "It was a reversal of logic," says Vito Zincani, the chief investigating magistrate in Parma. Usually, companies take on debt to grow. But in Parmalat's case, "they had to grow to hide the debt." The core of the fraud was a system of double billing to Italian supermarkets and other retail customers. Simply put, by billing twice for the same shipment of merchandise, Parmalat could create the impression that its accounts receivable were much larger than they really were. One of the Parmalat...
...amount the subsidiaries supposedly owed it, and take that to banks to raise money. To make the debt disappear, Parmalat transferred the liabilities to off-book subsidi-aries, also based in offshore havens. Bondi, the bankruptcy commissioner, says the system was a lethal brew. "In an attempt to hide its state of insolvency," he said in a report, Parmalat "entangled itself in gran-diose financial operations that were ever more costly." "OFFENSIVE AND RIDICULOUS" By the end of the '90s, the first red flags began popping up. In late 1999, Esteban Pedro Villar, a partner in the Buenos Aires offices...