Parma Essay

494 words - 2 pages

Table of Contents
Parmalat: what went wrong ........................................................................................................................ 1 Story of Parmalat ..................................................................................................................................... 1 Parmalat bankruptcy brief timeline ......................................................... Error! Bookmark not defined. Responsible parties ......................................................................................... Error! Bookmark not defined. Calisto Tanzi, top managers ...................................................................... Error! Bookmark ...view middle of the document...

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Parmalat: what went wrong
Story of Parmalat
Parmalat Group is one of the major industry giants in the market of milk, mainstream dairy products such as cream sauces, yogurt, desserts, cheeses and fruit drinks. Parmalat has four main business divisions: Milk, Milk Derivate, Fruit drinks, Other Products (Parmalat, Home Page, 2012) .Parmalat scandal, sometimes called as “Europe’s Enron”, is one of biggest scandals happened between 2002 – 2003 (Bonnie Buchanana, 2005). Calisto Tanzi, CEO, diversified the business to include other subsidiaries, for example travel company of Parmatour, and football team acquisition called Parma (FELU, 2003). This needed a lot of funding which it became apparent that the idea was a failure in itself from the beginning because it made losses and led to its closure with a loss of 2 billion euros. Parmalat started to build an offshore mail-box firms network, those offshore firms were used to hide losses in order to appear financially stable and liquid to its investors and thus deal out bonds so that they can get money in return (Celani, 2004). Those mentioned bonds were secured by a...

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