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...SOUR MILK: Italian dairy giant Parmalat's billion-dollar bust...
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...
...reason Italian companies have had difficulty attracting foreign capital. Parmalat was supposed to be different. Tanzi got his start in business as a 21-year-old, when his father died and he took over the family's small prosciutto-ham factory. On a trip to Sweden, he noticed milk packaged in cartons and brought the concept to Italy. Later he adopted a process for making shelf-stable, nonrefrigerated milk and introduced it to Italy, eventually expanding globally. According to Tonna's testimony and bankers familiar with the company's operations, Parmalat started running into trouble after a big, costly international...
Capital Punishment After all the the spilt milk, Italian business may be about to start crying even harder over the Parmalat scandal. Stung by the €7 billion alleged fraud at the dairy firm, Italian banks are looking to tighten restrictions and raise risk premiums on loans to companies. And the domestic corporate-bond market has all but dried...
...easily on a par with Enron or WorldCom in the U.S. Parmalat filed for bankruptcy on Christmas Eve, and corporate-turnaround expert Enrico Bondi is trying to salvage what he can of the firm, which has 36,000 employees in 30 countries and top-selling brands including Parmalat uht milk and Archway cookies. On Friday, dozens of company workers and small shareholders in Collecchio - Parmalat's headquarters and Tanzi's birthplace just outside Parma - stormed local banks demanding refunds on their original investment. Investors, creditors and regulators are on the warpath too: last week, the U.S. Securities and Exchange Commission...