complicated financial systems to create a picture of financial health‚ misleading investors as well as analysts. The company‚ PARMALAT was set up by Calisto Tanzi in 1960s. He inherited his family business that was started by his grandfather‚ producing processed like seasoned ham‚ cured meat & tinned tomatoes. Tanzi was not satisfied with simply running the family business & decided to explore new products & markets to grow his business. On a trip to Switzerland
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and financial reporting standards as well as of the Italian corporate governance system. Parmalat‚ which is headquartered in the central Italian city of Parma‚ was‚ like most Italian firms‚ launched as a family business. Under the direction of Calisto Tanzi‚ the capofamiglia‚ he began expanding the business shortly after his father’s death in 1961‚ transforming it from a small sausage and cheese shop into an international food and beverage concern. In a world where your network is your net worth
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Financial Scandals and the Role of Private Enforcement: The Parmalat Case Law Working Paper N° 40/2005 May 2005 Guido Ferrarini University of Genoa‚ Centre for Law and Finance and ECGI Paolo Giudici Free University of Bozen and Centre for Law and Finance © Guido Ferrarini and Paolo Giudici 2005. All rights reserved. Short sections of text‚ not to exceed two paragraphs‚ may be quoted without explicit permission provided that full credit‚ including © notice‚ is given to the source. This
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Introduction The rise and fall of Parmalat was an important event as it highlighted the corporate governance issues in the corporate world of Italy. Parmalat was found by Calisto Tanzi‚ CEO and Chairman‚ in 1961 with a pasteurisation plant in Italy. The company was headquartered in Italy and had grown to be a multinational company into all sorts of milk products‚ beverages and bakery goods. Three decades later‚ in 1990‚ it became a publicly traded entity and was listed on the Milan stock exchange
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controlling and watching over Parmalat‚ including the independent directors‚ accountants and the auditors. The atmosphere of laxity amongst the financial analysts‚ the rating agencies and the banks (as creditors‚ brokers‚ dealers‚ etc.)‚ allowed Callisto Tanzi‚ the founder and the chairman of the group‚ and the other managers to perpetrate the fraud which eventually resulted in Corporate Collapse of Parmalat. The paper will not discuss on those areas. 1. INTRODUCTION Parmalat was the largest Italian
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the most effective for detecting Parmalat’s fraudulent double-billing scheme? After two consecutive business venture failures‚ one to establish its own television broadcasting and another a substantial operating losses on its Brazilian subsidiary‚ Tanzi and Tona decided it would be for the best to cover them up. The cover up scheme they came up with was double-billing‚ were once you sell an item you record it twice. It wasn’t too long that Parmalat generated billions of bogus revenue. Parmalat’s fraudulent
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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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cash. A series of other fraudulent accounting practices occurred during the following years. In December 2003‚ Parmalat was not able to make a U$ 150MM bond payment and raised the attention of the entire market. When the fraud was brought up‚ Calisto Tanzi (Parmalat founder) and Fausto Tonna (CFO) was arrested along with another 10 individuals. Grant Thornton and Deloitte & Touché were Parmalat’s accounting firms during the last 2 decades. Partners of both firms were charged for fraudulent activity
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young nobleman named Calisto who seeks help from the town procuress‚ Celestina‚ to win over the beautiful Melibea. As the tale goes on‚ it becomes easier to see the false notion that each character has of love. The central theme of The Celestina is love‚ which is portrayed as a powerful force in the novel that produces lust‚ greed‚ and despair. Right from the start‚ the relationship between Calisto and Melibea starts off in a capricious way. Seeing her in Pleberio’s garden‚ Calisto immediately is drawn
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ABSTRACT Aim of the topic is to understand the key factors of success and advantage that Tetra Pak achieved. ACKNOWLEDGEMENT I’m heartily thankful to my teacher‚ Mr.Ayaz Rafique‚ whose encouragement‚ guidance and support from the initial level to the final level enabled me to develop a better understanding of the report procedures. The way he provided his assistance‚ advises‚ and comments for my research and writing
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