December 30, 2003 |
The founder of Italian food giant Parmalat admitted on Monday that he had misappropriated hundreds of millions of dollars of company funds. Calisto Tanzi, under arrest for suspected financial crimes at the insolvent dairy company, made the admission during questioning at Milan's San Vittore prison, one of his lawyers, Fabio Belloni, said. Tanzi told authorities he had funneled about $624 million away from Parmalat and into other companies, including Parmatour, a family-owned tourism company, Belloni said.
April 16, 2008 |
Part of a $7-billion negligence lawsuit filed by Italian dairy firm Parmalat against Citigroup Inc. will go to trial May 5, a New Jersey state judge ruled. The decision by Superior Court Judge Jonathan N. Harris dismissed some claims against Citigroup but retained Parmalat's charges that the largest U.S. bank aided Parmalat insiders in committing an accounting fraud that led to Europe's largest bankruptcy in 2003. New York-based Citigroup has maintained it lost hundreds of millions of dollars as a victim of Parmalat.
January 13, 2004 |
Adecco, the world's largest employment agency, said it couldn't close its books for 2003 because of possible accounting problems, causing its stock to plummet Monday. The Swiss company could not predict when its 2003 results would be available. That sent frightened investors rushing to sell. Analysts lowered their recommendations amid fears of an accounting scandal like the one that has enveloped Italian food group Parmalat. Shares of Adecco closed down 35% on the Zurich, Switzerland, exchange.
January 8, 2004 |
Italian prosecutors investigating the Parmalat fraud scandal met representatives of Citigroup and Deutsche Bank as they turned their sights on banks linked to the food group. Separately, a judicial source said Parmatour, a tourism company owned by Parmalat's founding Tanzi family, had a hole of as much as $3 billion in its accounts, a claim the company swiftly denied.
December 19, 2008 |
Parmalat founder Calisto Tanzi was convicted in Milan, Italy, of market rigging and other charges in the 2003 collapse of the Italian dairy giant and sentenced to 10 years in prison. It was the first of several trials seeking to assign blame for what remains Europe's largest corporate bankruptcy.
July 29, 2004 |
Italian dairy giant Parmalat, accused by U.S. regulators of one of the biggest financial frauds in history, agreed to make corporate reforms but was not fined in a settlement accord. The Securities and Exchange Commission announced the settlement with the insolvent company, which is being restructured in a plan subject to Italian government approval. In a civil lawsuit filed in December soon after the Parmalat scandal exploded, the SEC accused the company of selling nearly $1.