Parmalat scandal continues
From
Forbes comes an excellent history and analysis of Europe's Parmalat scandal -- this is the company with an unreported debt of 14 Billion Euros. This makes it bigger than Enron by about one order of magnitude.
What is Parmalat:
bq. One of Italy's best-known global brands, the dairy multinational traces its roots back to a food shop in the northern Italian city of Parma which was inherited by Parmalat founder Calisto Tanzi from his father.
The crash:
bq. Growing worries about Parmalat's opaque accounts and its offshore holding companies suddenly deepened in November when the group, under pressure from regulators, said it had nearly 500 million euros ($613 million) invested in an unknown Cayman Islands fund.
Interesting story that is not given too much play in the media.
Posted by DaveH at March 24, 2004 10:46 AM