Parmalat

Parmalat is an Italian company whose Head office is located at Parma specialized in the field of the products Lait iers. Its activity scattered in the whole world included at least 140 production centres, it employs 36.000 employees and on its activity depends 5.000 Italian farms.

History of the company

The company was founded by Calisto Tanzi which, in 1961, opened a small dairy with Collecchio near Parma. During years 1970, the milk strong demand with long conservation made it possible Parmalat to increase its market share. In the years 1990, after its setting out of purse, the company starts to acquire a great number of companies in Europe, in Latin America and in Africa not inevitably related to the food sector thus in Italy, Parmalat acquires the company of football Parma FC, the group of tourist villages ParmaTour and the television network Odeon TV.

The Parmalat business

Parmalat was shaken by a at the end of accounting scandal 2003 which obliged it to declare bankruptcy. By a decree of the Ministry for the Productive Activities, large a part of the companies of the group were allowed with the extraordinary procedure of administration for the large companies in crisis and Enrico Bondi was appointed extraordinary police chief.

The Parmalat business is an Italian financial business which relates to a hole of 14 billion euros in the accounts of the Parmalat company in 2003. It is about the greatest accounting scandal known in Europe.

Approximately 135.000 Italian savers saw their economies absorbed in the crash of Parmalat, in December 2003. Before its bankruptcy, Parmalat employed more than 36.000 people in 30 countries.

Luxembourg

Calisto Tanzi and its finance manager, Fausto Thundered, had created six companies screens with the Grand Duche du Luxembourg, using figureheads.

The lawsuit of Milan

the lawsuit of Milan relates to handling of the stock exchange courses of the Parmalat action.

In a first stage (negotiated procedure), Fausto Thundered, the right-hand man of Calisto Tanzi, and ten other people were condemned to sorrows going from 10 months to two years and half of imprisonment.

Calisto Tanzi, fifteen of its close relations and the cabinets of audit Grant Thornton, become since Italaudit, like Deloitte and Touche, is always in the course of judgment.

The lawsuit of Parma

the Parmalat lawsuit opened on June 5th, 2006 with the court of Parma.

Calisto Tanzi, founder of Parmalat, Fausto Thundered, its financial ex-director, former members of the Board of directors of Parmalat, auditors and other financial persons in charge are shown of " fraudulent bankruptcy, false balance-sheets, criminal conspiracies and false communications".

References

Luxembourg in the middle of the system Parmalat , Le Monde, January 23rd, 2004
Italy requires of Luxembourg its assistance in the investigation over Parmalat , Le Monde, January 21st, 2004
Affaire Parmalat: episode II, nouvelobs.com, June 5th, 2006

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