Parmalat - The Fall of a Dairy Giant |
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Abstract:
Investigations revealed that Parmalat created assets where none existed and transferred money to its various subsidiaries around the world in a series of complicated derivative transactions. In late December 2003, Parmalat went into controlled administration under the supervision of turnaround expert, Enrico Bondi, and analysts were confident that, under Bondi, the company would manage to turnaround. The Parmalat case was one of the biggest scandals to hit Europe and many analysts took to calling Parmalat 'Europe's Enron'. Issues:
» Analyze the accounting scandal at a large business group. The reasons behind the scandal and the way in which the fraud was committed Contents:
Keywords:Financial scandal, Parmalat, biggest companies, Italy, food-based, product categories, 2003, fraudulent accounting practices, transferring, money, Parmalat group, overseas subsidiaries, companies, Tanzi family, December 2003, bond payment, analysts, accounting practices, derivative transactions, controlled administration, turnaround expert, Enrico Bondi, Europe, Europe Enron |
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