Word: parmalat
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...Parmalat on Ice The milkmen were delivered just in time. After a three-month probe, Milan prosecutors sought indictments against Parmalat founder Calisto Tanzi, former finance director Fausto Tonna and 27 other people last week, the day before the expiration date to qualify for fast-track court proceedings in the €14 billion collapse of the Italian dairy-and-food giant. The executives are accused of an elaborate fraud scheme, including falsifying balance sheets and misleading investors. The Italian affiliates...
...either an idiot or a megalomaniac, but I believe this company still has value." CALISTO TANZI, deposed founder and former executive of Italian dairy giant Parmalat, during a police interrogation into the alleged fraud that left the company with debts of nearly $17 billion...
...April 2003 before the scandal broke because of the company's poor performance, Ramstedt and Sp?ng as the scandal was emerging - has been formally charged, and they all deny any wrongdoing. But Scandinavians are nevertheless asking themselves if their model corporate culture is going the way of Enron and Parmalat. The countries can barely accept the notion. "We thought that corruption might happen in Germany or the United States, but never here," says Per Bill, a Member of the Swedish Parliament. Confidence in big business in Sweden has fallen from 60% in 1995 to just 28% last year, according...
Talk about sins of the father being visited upon the children. For the past two months, Parmalat founder Calisto Tanzi has been in prison on charges that he drove the Italian dairy giant into a €14 billion hole with a complex web of fraud and deception. His daughter Francesca and son Stefano expressed shock at what their devoutly religious father was said to have done. Prosecutors painted a different family portrait last week when the two Tanzi children were arrested on charges of fraudulent bankruptcy and criminal association. Prosecutors contend that Calisto Tanzi's two oldest children, each with...
...some investors and bankers are now focusing on the issue as a result of the recent scandals. While many big investors have been relaxed about companies using offshore holdings to reduce their tax burdens, overuse of havens can raise red flags. Indeed, in December 2002, a year before Parmalat blew up, a Merrill Lynch analyst in London, Joanna Speed, downgraded the company to "sell" from "buy" in part because of its "inefficient, opaque and complex" balance sheet. Shame can be a useful weapon. At a recent hearing by a U.S. Senate committee, senior executives of the accounting firm KPMG were...