Calisto Tanzi

dairy and food corporation that specializes in UHT (Ultra High Temperature) production of long life milk. It was founded by Calisto Tanzi in 1961 and the headquarter is based in Collecchio, Italy. In 2003 the company collapsed with a €14 billion hole in its accounts and it is still considered the Europe’s biggest bankruptcy. Scandal Key Players in the scandal Calisto Tanzi - 10 year sentence for market rigging, accounting fraud(2009) Fausto Tonna, CFO - 2 year sentence for forgery, creating many

Without understanding the company financial condition he acquired many companies in the food industry which resulted in financial losses. Also he manipulated financial reports in order to hide losses. Tanzi further, diverted 500 million euros from company reserve to Parmatour (which belonged to his daughter) without taking approval from shareholders and stakeholders. Second person involved in the scandal was the CFO of the company- Fausto Tonna; he was

Something went sour at Parmalat The Italian dairy food corporation Parmalat SpA was founded by Calisto Tanzi in 1961 and grew to a global company. It had about 140 production centers, 36,000 employees and 5,000 contracted dairy farms (https://en.wikipedia.org/wiki/Parmalat). The dairy food giant defaulted on debt in November 2002 and filed bankruptcy in December 2003. It sounds ridiculous because Parmalat’s subsidiary in Cayman Islands had a $4.9 billion cash balance in Bank of America account

multinational Italian dairy and food corporation that specializes in UHT (Ultra High Temperature) production of long-life milk, dairy products (yogurt, cream based sauces, desserts and cheese) and fruit beverages.(Parmalat in brief) It was founded by Calisto Tanzi in 1961 and the headquarters is based in Collecchio, Italy. By the early 2000s, the small Italian company had become a global food empire spanning 30 countries and employing over 35,000 people.(BBC) In 1996, Parmalat jumped into the global financing

Introduction Parmalat is an Italian based company, founded in 1961 by Calisto Tanzi. Their business model covered the new UHT (ultra-high temperature) production method of milk and dairy products. UHT milk was an upcoming technology from the Swedish firm Tetra Pak, making Parmalat an international player (Buchanan & Yang, 2005). Foreign acquisitions in the field of dairy products made Parmalat a multinational general food company (Ferrarini & Giudici, 2005). In the late 1980’s, Parmalat was Italy’s

market. On 6 March 2003, the Italian asset management association wrote a letter to Parmalat and CONSOB, accusing the group’s lacking of transparency. As a reaction, Parmalat organized a meeting in Milan on 10 April 2003. During this meeting, Mr. Tanzi announced that the Group’s CFO, Mr. Tonna, had resigned and a new CFO, Mr. Ferraris, was in charge. The market reacted positively and the price rebounded after the February’s downturn. Mr. Ferraris, Parmalat’s new CFO, had promised that it would

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 say that up to €1.3 billion may have gone this route. Tanzi was sentenced to 10 years in prison for fraud relating to the collapse of the dairy group. The other seven defendants, including executives and bankers, were acquitted. Another

Introduction and Overview of the Corporation Parmalat is an Italian-based company most well known for its production of various forms of dairy product, as well as pastries and fruit drinks. The company, started in 1961 by a 22 year old Calisto Tanzi, was initially a small family run business that sold primarily meat products. Parmalat became a success once it had developed the concept of a milk that could remain unspoiled in tetra-paks for extended periods of time. This milk was called UHT (Ultra-High

Managua, Nicaragua Sept 28th, 2013 ENRON Background In 1985 Kenneth Lay merged his company, Houston Natural Gas, with Nebraska’s InterNorth to create the Enron; a company to be the biggest natural gass corporation to exist in the U.S. During the 1980’s, under the presidency of Ronald Raegan, there was a considerable lack of regulations regarding the energy markets, thus allowing the company to buy and sell contracts for a delivery at some time in the future. By 1990 Jeffery Skilling joined as

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