|
Parmalat SpA, an Italian dairy and food corporation and Europe's biggest dairy company, was declared bankrupt in late 2003. Its worldwide operations include almost 140 production centers. Over 36,000 workers around the world collect Parmalat pay packets, and 5,000 Italian dairy farms are dependent on the company for the bulk of their business. Image File history File links Parmalat_logo. ...
Image File history File links Parmalat_logo. ...
Dairy farm near Oxford, New York A dairy is a facility for the extraction and processing of animal milk (mostly from cows, sometimes from buffalo, sheep or goats) and other farm animals, for human consumption. ...
World map showing Europe A satellite composite image of Europe Europe is conventionally considered one of the seven continents which, in this case, is more a cultural and political distinction than a physiogeographic one. ...
2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
History
In 1961, Calisto Tanzi, a 22-year old college dropout, opened a small pasteurisation plant in Parma, Italy. Four decades later the company had grown into a multinational corporation diversifying into milk, dairy, beverage, bakery, and other product lines in the 1980s, becoming listed on the Milan stock exchange in 1990, and expanding further in the 1990's. 1961 (MCMLXI) was a common year starting on Sunday (link will take you to calendar). ...
For the album by rapper Kanye West, see The College Dropout A college dropout is someone who has matriculated in an institution of higher learning, but has left his or her studies unfinished without the intention of completing. ...
Pasteurization is the process of heating food for the purpose of killing harmful organisms such as bacteria, viruses, protozoa, molds, and yeasts. ...
Parma is a medieval city in the Italian region of Emilia-Romagna, with splendid architecture and a fine countryside around it. ...
A multinational corporation (MNC) or multinational enterprise (MNE) or transnational corporation (TNC) is an corporation/enterprise that manages production establishments located in at least two countries. ...
A glass of cows milk Milk most often means the nutrient fluid produced by the mammary glands of female mammals. ...
The word drink is primarily a verb, meaning to ingest liquids, see Drinking. ...
Bakery foods A baker is someone who bakes and sells bread, cakes and similar foods. ...
This article is about the year. ...
Runaway expansion The post-listing expansions include: - Expansion into thirty countries from six in 1990
- Parma A.C.
- Tanzi's son Stefano, president and Parmalat board member
- ParmaTour - travel group (bankrupt, sold)
- Francesca - chief executive
- TV network, Odeon TV (sold)
 Cover of an Italian book about Parmalat fraud. Parma Football Club (formerly Parma Associazione Calcio) is an Italian football club based in Parma, Emilia-Romagna, nicknamed the Gialloblu (Yellow-Blues) and the Crociati (Crusaders). ...
Image File history File links Buconero. ...
Financial fraud At the end of 2003, one of the biggest corporate scandals in history came to light as an €8 billion hole was discovered in Parmalat's accounting records. A corporate scandal is a scandal involving unethical behavior on the part of a company. ...
The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ...
In 1999, Parmalat set up a subsidiary in the Cayman Islands called Bonlat. The first indication of financial problems came in early 2003 as the company tried to sell €500 million in bonds. After this CFO Fausto Tonna resigned in March replaced by Alberto Ferraris. In business, a subsidiary is a company controlled by another, usually large—and often multinational—company or corporation. ...
For other uses of the abbreviation CFO see CFO (disambiguation) The Chief Financial Officer (CFO) of a company is the corporate officer primarily responsible for managing the financial risks of a business (see External Link below). ...
The crisis became public in November when questions were raised about transactions with mutual fund Epicurum, another Cayman-based company linked to Parmalat causing its stock to plummet. Ferraris resigned less than a week later replaced by Luciano Del Soldato. A mutual fund is a form of collective investment that pools money from many investors and invests the money in stocks, bonds, short-term money-market instruments, and/or other securities. ...
In December, Del Soldato resigned, unable to get cash from Epicurum fund, needed to pay debts and make bond payments. Enrico Bondi was called in to help the company. Tanzi himself resigned as chairman and CEO. Parmalat's bank, Bank of America, then released a document showing €3.95 billion in Bonlat's bank account as a forgery. Prime Minister Silvio Berlusconi initiated a fraud investigation and appointed Bondi to administer the company's rescue. A chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ...
Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ...
Bank of America (BofA) NYSE: BAC TYO: 8648 , based in Charlotte, North Carolina is the third largest commercial bank in the United States of America, measured in assets. ...
Forgery is the process of making or adapting objects or documents (see false document), with the intention to deceive. ...
▶ (help· info) (born September 29, 1936) is the current Prime Minister of Italy. ...
Tanzi, once a symbol of unlimited success, was detained hours after the firm was declared officially insolvent and eventually charged with financial fraud and money laundering. Italians were shocked that such a vast and established empire could crumble so quickly. Among the questionable accounting practices used by Parmalat: it sold itself credit linked notes, in effect placing a bet on its own credit worthiness in order to conjure up an asset out of thin air. Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and destination of the money in question. ...
A credit linked note is a security created through a special purpose company or trust, designed to offer investors par value at maturity unless a referenced credit defaults. ...
In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e. ...
After his arrest, Tanzi reportedly admitted during questioning at Milan's San Vittore prison, that he diverted funds from Parmalat into Parmatour and elsewhere. The family football and tourism enterprises were financial disasters; as well as Tanzi's attempt to rival Berlusconi (another rags-to-riches Italian success story) by buying Odeon TV, only to sell it at a loss of about €45 million. Milan (Italian: Milano; Milanese dialect: Milán) is the main city in northern Italy, and is located in the plains of Lombardy, the most populated and developed region in Italy. ...
Parma Football Club (formerly Parma Associazione Calcio) is an Italian football club based in Parma, Emilia-Romagna, nicknamed the Gialloblu (Yellow-Blues) and the Crociati (Crusaders). ...
See also This is an incomplete list of companies. ...
This is a list of companies from Italy. ...
Corporate abuse refers to incidents that involve unethical behavior on behalf of a corporation; a case of corporate abuse may be a scandal, fraud, or negligence toward the corporations employees and/or the local community. ...
External links |
Feeds |
Contact