structure creates economic incentives for managers to focus on their own interests and neglect those of shareholders. Following decades of exponential organic growth Parmalat stepped up its acquisition programme in the 1990s crossing many time zones using an aggressive and heavily leveraged strategy. By the end of the decade Parmalat was a complex web of 170 companies which had hid losses overstated assets/sales‚ understated its debt‚ and diverted company cash to Tanzi family members. In their 2004
Premium Audit Auditing Corporate governance
Parmalat Finanziara‚ the Italian dairy and food giant‚ is fast joining Enron and WorldCom as a household name for corporate scandal. The alleged financial fraud at Parmalat spans more than a decade and involves sums whose estimates have ballooned from EUR 4 billion to more than EUR 8 billion. Founder‚ chairman‚ and chief executive Calisto Tanzi has been ousted from the company and board and is under arrest. Enrico Bondi‚ who replaced Tanzi in December‚ has been given new authority to act as sole
Premium Calisto Tanzi Finance Lehman Brothers
Violations of Sarbanes-Oxley Act Parmalat is a European company‚ and it’s headquarter is in Italy. The US Security and Exchange Commission still targeted Parmalat with fraud charge after the Parmalat fraud was revealed on Dec‚ 2003 (Kapner‚ D.W.‚ 2003). The US SEC caught the chance to practice its law in a long range when Parmalat sponsored a program called American Depositary Receipts in the US to raise money since August 1996. The SEC stated that Parmalat sold their bonds to American investors
Premium Internal control Enron Auditing
International Trade Operations Parmalat Australia Contents 1.1 Abstract 2 2.1 Introduction 2 3.1 Parmalat Company Overview 3 4.1 Method 3 5.1 Costs of production 3 6.1 Determinants of Production Location 3 6.2 Political and Social Environment 3 6.3 Infrastructure‚ Communication and Trade Relations 3 6.4 Factors of Production 3 7.1 Logistics and Distribution 3 7.2 Inbound Logistics 3 7.3 Distribution networks and transportation 3 7.4 Reverse Logistics 3 8.1 Problems‚ Risks and management
Premium Milk World Trade Organization
Libor Scandal What is Libor and why does it matter? Libor stands for London Interbank Offered Rate. “It is considered to be an average interest rate which is estimated by some leading banks in London that they would be charged if borrowing from other banks.” Libor rate is considered to be the primary benchmark for short term interest rates around the world. It is the average cost of borrowing and is estimated on a daily basis by a group of banks as mentioned above. Libor rate gained momentum around
Premium Finance Hedge fund Bank
INDP Final Project Joe Perry NTC/362 February 11‚ 2013 Phillip Coleman INDP Final Project Kudler Fine Foods is an upscale food store that is located in the San Diego metropolitan area. There are three locations‚ La Jolla‚ Del Mar‚ and Encinitas‚ that make up this company. With each store there is approximately 8‚000 sq. ft. of space that is located in fashionable shopping centers. Each of the stores are stocked with fresh produce‚ meat and seafood‚ and bakery and pastries. In order to
Premium Computer network Wi-Fi Wireless LAN
SCANDALS IN 2000S Named scandals Named scandals in India Scandal Year reported Scope Location Key players Summary 2012 Indian coal mining controversy 2012 185‚591.34 crore (US$33.78 billion) nation Comptroller and Auditor General of India‚ the coal ministry‚ many electricity boards and private companies coal blocks allotted‚ not auctioned‚ leading to estimated losses as per the Comptroller and Auditor General of India [1][2][3] Karnataka Wakf Board Land Scam 2012 200‚000 crore
Premium States and territories of India Bharatiya Janata Party Uttar Pradesh
Parmalat is a huge and well known dairy product company in Italy. The company does not only operate in Italy‚ but is an international business. The company’s founder and CEO is Mr. Calisto Tanzi. The company was predominantly run by the Tanzi family. The scandal that happened in this company came to light with the discovery of $14bn in its finances that could not be accounted for. The scandal has also come to be known as the Enron of Europe. The scandal brought down the company and its senior executives
Premium Calisto Tanzi Calisto Tanzi Audit
1650 and earlier 1430 Portuguese start voyages down the west coast of Africa 1492 Columbus arrives in Western Hemisphere 1509-1547 Henry VII rules England Protestant reformation begins in England 1558-1603 Reign of Queen Elizabeth I. Ireland conquered by England. 1607 Jamestown founded 1612 Tobacco made a profitable crop by John Rolfe 1619 First group of blacks brought to Virginia First legislative assembly meets in Virginia 1620 First Pilgrims in Plymouth 1622 Indian attacks in Virginia
Premium Slavery in the United States Abraham Lincoln American Civil War
Jacqueline Solorio The eras that I will be discussing are: 1800‚ 1950‚ 2000 and 2013 for each era‚ the following items will be described: the history and development‚ treatment and punishment of the offenders‚ the description of the holding and monitoring of the offenders. The conclusion will discuss the alternatives to incarceration and the influences of the eras in today’s correctional system‚ as well as‚ recommendations for ways in which the current correctional system could be improved
Premium Crime Prison Criminal justice