Word: milan
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...wish he had heeded those doubts. But back in March 2003, he says, he knew the company had some financial problems but had no idea how bad things were about to get. Parmalat was trying to style itself as the "Coca-Cola of milk," and Ferraris, 46, a former Milan-based corporate banker for Citigroup, had spent six years building its operations in Canada and Australia. But in late February the company stock had nosedived when the firm's irascible CFO, Fausto Tonna, announced an unexpected new bond issue - a fresh increase in corporate debt - that came on the heels...
...people have been charged in Milan; more are expected to be charged in coming weeks by magistrates in Parma. Parmalat's losses are now officially put at €12 billion and its investors have lost another €14 billion - though the company's 33,000 employees have emerged relatively unscathed, as the firm continues to operate while in bankruptcy. Most of the money that moved in, around and out of the company has since been traced, although the final destination of some of it is still unknown. Tanzi has admitted transferring some €500 million to family firms, but investigators...
...million on a station called Odeon TV that it hoped to build into Italy's third major network, but which collapsed after three years. To stave off bankruptcy, Tanzi engineered a so-called reverse merger, under which it sold itself to a dormant holding company already listed on the Milan stock exchange. The combined firm then raised about €150 million from outside investors. That enabled Parmalat to go public in 1990, and plug some of the gaps in its accounts; at the time it had a market value of around €300 million. But as early as 1993, Parmalat...
...Parmalat expanded globally in the '90s, so did its network of bankers and financial advisers. Ferraris was one of them. Before joining Parmalat in 1997 as an executive in Canada and Australia, he worked for seven years at Citigroup in Milan - and made regular sales calls on Tonna. "There was big competition" for Parmalat business, Ferraris says. At the time, U.S., British and other European investment banks were piling into Italy trying to grab local business, and Tonna played hard to get. "You needed to come up with a product that really interested them," Ferraris recalls. For Citigroup, Ferraris scored...
...Traveling in the Gulfstream corporate jet with Lewis was Luca Sala, a managing director of Bank of America in Milan who worked closely on some of the bank's transactions for Parmalat. Less than a month later, the bank fired him for allegedly fiddling his expenses, so he immediately took a new job - with Parmalat. Ferraris says he needed Sala's help to understand a complex $400 million in financing provided by big institutional investors in the U.S. Sala, 40, has since confessed to magistrates that he received more than €20 million in commissions from Parmalat for helping...