Spilled milk.Italian investigators uncovered a multi-billion dollar accounting hole at Parmalat, charging that the dairy producer had created fake offshore accounts. Fraudulent activity is believed to have spilled into Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , primarily Ecuador, where Parmalat founder Calisto Tanzi Calisto Tanzi (born 1938 in Italy) is an Italian businessman notorious for embezzling an estimated eight-hundred million euros from Italian company Parmalat, founded by him, resulting in a great loss for the company. allegedly hid more than US$800 million in company funds a month before the scandal broke out. Subsidiaries in Brazil and Venezuela also came under fire, Parmalat executives, meanwhile, are playing the blame game. "You're talking about a figure which is completely out of the range of the numbers Parmalat manages in Ecuador." --Rafael Arcuri, president of Parmalat del Ecuador (Reuters) "It is my custom to let the facts speak for themselves." --Enrico Bondi, government-appointed president of Parmalat (Agenzia Gionalistica Italia) "I didn't do anything but follow orders given to me." --Fausto Tonna, chief financial officer of Parmalat (Corriere della Sera Corriere della Sera ("Evening Courier") is an Italian daily newspaper (first in sales [2]), published in Milan. It is the most famous Italian national newspaper, and among the oldest, founded on Sunday, March 5 1876 by Eugenio Torelli Viollier. ) "There would be no fraud without the active participation of certain Parmalat financial advisors, accountants and lawyers." --Darren Robbins, partner at class-action law firm Milberg Weiss Founded in 1965 by attorneys Larry Milberg and Melvyn I. Weiss, Milberg Weiss (formerly known as Milberg Weiss & Bershad LLP) is a U.S. plaintiffs' law firm. Based in New York City, it is widely known for representing investors in securities class actions. (The Wall Street Journal) "I decided to temporarily abandon my post to not create more problems for the company. I am a soldier and I obey." --Giovanni Bonici, president of Parmalat Venezuela (El Nacional This article is about the Venezuelan publishing company and newspaper. For other uses, see El Nacional (disambiguation). El Nacional is a Venezuelan publishing company under the name C.A. Editorial El Nacional, most widely known for its El Nacional newspaper. ) "Parmalat Finanziaria Spa and its subsidiary companies Eurolat Spa and Lactis Spa lodged a request ... with the Civil Court in Parma asking for insolvency status." --Parmalat statement (LATIN TRADE Latin Trade is a monthly magazine covering global business in Latin America and the Caribbean. Similar to Forbes and Fortune Magazine in coverage, the magazine was founded in 1993 and now publishes 87,000 copies 1 each month in Spanish, Portuguese, and English. ) |
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