Word: luxembourg
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Prosecutors allege that Parmalat created an elaborate house of milk cartons, using opaque subsidiaries (including one called Buconero, which means "black hole") in tax havens such as the Cayman Islands and Luxembourg to hide the declining state of its finances. Tanzi has reportedly admitted shifting some $630 million from the company to other businesses but insists some underlings devised the accounting fraud. Former chief financial officer Fausto Tonna has given prosecutors crucial details about the firm's labyrinthine bookkeeping...
...become embroiled in what the sec claims is "one of the largest and most brazen corporate financial frauds in history"? Prosecutors allege that over the past decade Parmalat created an elaborate house of cards, including opaque subsidiaries in tax havens such as the Cayman Islands and Luxembourg, to hide the true state of its finances. Tanzi has admitted siphoning off around €500 million from the company to finance other family businesses, but insists that some of his underlings are to blame - they were the ones who devised the accounting fraud, he has told prosecutors, although he accepts ultimate responsibility...
...October, brothers Viorel and Ioan Micula launched National TV, a general-entertainment, digital satellite cable channel that runs American shows and 22 local programs. Viorel oversees the media side of European Drinks Group and has hired seasoned help, including Douglas Fulton, who ran operations in 11 countries for Luxembourg-based SBS Broadcasting. Fulton, who now heads National TV as well as the company's 18 radio stations and three newspapers, will manage next year's launch of a 24-hr. news network and a movie channel. But they must survive a marketplace that has been flooded with local and foreign...
Born in Kenya and raised in Somalia and Luxembourg, Smith spoke six languages and loved music and foreign films. She chose her concentration based on a desire to develop a fuller understanding of humanity...
...slap us with a heavy fine just because we broke the stability pact. They won the day for the same reason that a schoolyard bully gets away with stealing lunch money: the others simply aren't strong enough to stop him. So Belgium, Greece, Ireland, Italy, Luxembourg and Portugal voted to suspend the pact and to withhold sanctions. The duo's defiance is reminiscent of the U.S. going to war against Iraq without a U.N. mandate, isn't it? People may disagree on the relative merits of these cases - a Parisian or Berliner might point out that the stability pact...