1. How Success Story at Parmalat Got a Very Sour Final Chapter.
- Author
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Galloni, Alessandra, Reilly, David, Mollenkamp, Carrick, and Portanger, Erik
- Subjects
- *
FRAUD , *COMMERCIAL crimes , *FINANCIAL crises , *DISCLOSURE , *CRIMINAL investigation , *BUSINESS failures , *CORPORATE debt , *CORPORATE finance , *BONDS (Finance) , *LIQUIDITY (Economics) , *CASH flow , *INVESTIGATIONS , *GOVERNMENTAL investigations , *DAIRY products industry , *AUDIT departments , *AUDITORS , *FINANCE - Abstract
Examines the financial and liquidity problems at Parmalat SpA, the Italian dairy company. Disclosure of information related to the company's bank accounts, indicating Parmalat can not pay off its $187 million bond; View of author that Parmalat has become one of the biggest cases of corporate fraud in Europe's economic history; Details regarding an auditors attempt to confirm the existence of bank account at Bank of America Corp.; Comments attributed to Italy's prime minister, Silvio Berlusconi, indicating the country would bailout the troubled dairy firm before they file for bankruptcy protection; Number of organizations that have begun criminal investigations into Parmalat; Focus on the investigation.
- Published
- 2003