Word: tanzi
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Dates: during 2000-2009
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...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 of several other big capital-raising moves. Parmalat's founder and lifetime CEO, Calisto Tanzi, called back the bonds the following day and replaced Tonna with Ferraris to calm the waters. Within a few days, the thickset new CFO was defending his company before a roomful of financial analysts in Milan. He painted a rosy picture: sales and earnings were up, debt was under control...
...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 tell Time that up to €1.3 billion may have gone this route. But one huge mystery remains: how could such a crude forgery have continued for so long, and on such a massive scale? For years, Parmalat...
television, according to the testimony of top executives. In 1987, it spent €130 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...
...this month he filed suit in Parma's court against the two banks, claiming that both transactions were illegal under Italian bankruptcy law and should be revoked. Last month he filed suit in New Jersey against Citigroup, alleging that the American bank helped Parmalat's founder, Calisto Tanzi, and other insiders loot about $8 billion from the firm. Citigroup denies any wrongdoing. Bondi isn't talking, but people close to him say that other suits are likely. Bondi's job is to breathe new life into one of the largest bankrupt companies in corporate history. Why is he spending...
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...