The Parmalat Collapse
Code : GOV0001
Region : USA Europe
Abstract: Little did the European business community guess what was to come when Parmalat first hit newspapers for defaulting on a bond buyback. In response to allegations and media reports, Parmalat's Founder and Chairman Calisto Tanzi, brushed aside the issue saying the money was safe in a high-yielding Epicurum fund. But in reality, the issue came as the first among a string of financial scandals that eventually led to the downfall of Parmalat. As one scandal led to another, Parmalat's reputation took a beating with it being dubbed as 'Europe's Enron'. While the US regulator, Securities and Exchange Commission, described the fraud as 'one of the largest and most brazen corporate financial frauds in history', journalists at BusinessWeek saw the case as 'globalisation gone wrong'.
Keywords : Corporate Governance Case Study, Whistleblowers, Sherron Watkins, Sarbanes-Oxley Act, Barron Stone, Russel Hayes, Jeffrey Wigand, Michael Dell, Charles Grassley, Patrick Leahy, Michael Kohn, Qui Tam, Fred Alford
» Parmalat - Internationalization & Brand Building
» Parmalat – North America & Latin America
» Parmalat – Final Chapter
» Parmalat – The Plot
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