Word: milan
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Dates: during 2000-2009
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...spring of 2003 to calm investors, who had been rattled when the outgoing CFO, Fausto Tonna, announced an unexpected new bond issue, sending Parmalat stock into a nose dive. The issue was quickly canceled. Within a few days of taking over, Ferraris made a presentation to financial analysts in Milan, stressing the company's rosy outlook: sales and earnings were up, debt was under control, and the company was awash in cash. "It was my job to patch up relations with the market," Ferraris told TIME in his lawyer's Milan office...
...failure made all the more dramatic by the fact that the company had established itself as a recognized global brand. In the past year three teams of forensic accountants have combed through the company's books, and dozens of executives have made detailed confessions to magistrates in Parma and Milan. Using documents obtained by TIME, it's possible to piece together the inside story of how the company that wanted to be the Coca-Cola of milk went sour...
...years Tanzi hid his company's difficulties by expanding. Following a disastrous foray into television in the 1980s, he staved off bankruptcy by engineering a reverse merger with a dormant holding company listed on the Milan stock exchange and followed up with a big capital increase. That enabled Parmalat to go public in 1990 and plug some of the gaps in its accounts. As early as 1993, according to evidence given to magistrates in Parma, Parmalat allegedly began to play fast and loose with its balance sheet. Starting in 1992, the group began buying up dairy and other companies...
...party and offers critics another chance to cast grave doubts on his legacy. Since becoming PM for the second time in 2001, he has pushed through several laws aimed at easing his legal troubles, including a 2003 immunity measure for top government officials that temporarily suspended the Milan case. That law was overturned, and the trial resumed in April. The latest verdicts may not change many minds in Italy, but perhaps they can start to change the subject. - By Jeff Israely Saddam's Supplier? THE NETHERLANDS Police arrested businessman Frans van Anraat on charges of war crimes and involvement...
...REOPENED. LA SCALA, celebrated Italian opera house; after a three-year, $81 million renovation; in Milan. The event drew 2,000 VIPs, including Prime Minister Silvio Berlusconi and actress Sophia Loren, and featured a performance of Antonio Salieri's Europa Revealed, La Scala's inaugural opera...