What was the Parmalat scandal?

The Parmalat crisis erupted when it revealed that a 4 billion euro bank account held by a Cayman Islands unit did not exist. Management sought bankruptcy protection, and prosecutors launched a criminal fraud probe.

Who was involved in the Parmalat scandal?

Among those detained were two former Parmalat chief financial officers, Fausto Tonna and Luciano Del Soldato, and two executives at the Italian affiliate of the global auditing group, Grant Thornton, judicial sources told Reuters.

Is Parmalat Chinese owned?

Parmalat S.p.A. Parmalat S.p.A. is a dairy and food corporation which is a subsidiary of French multinational company Lactalis. It was founded by Calisto Tanzi in 1961.

Who is Parmalat owned by?

Lactalis
Parmalat, which is owned by French dairy giant Lactalis, has a resilient Australian business where Pauls is the No. 1 white milk brand, and has also increasingly been making inroads in Asia, where the UHT long-life version of Pauls is the No. 1 seller in Hong Kong.

Who audited Parmalat?

Grant Thornton
Parmalat, the Italian food company that went bankrupt after a crippling financial scandal, last night sued outside auditors Grant Thornton and Deloitte & Touche, seeking $10bn (£5.5bn) in damages.

What is the meaning of Parmalat?

Parmalat SpA is an Italian multinational dairy and food corporation. Having become the leading global company in the production of long-life milk using ultra-high-temperature processing, the company collapsed in 2003 with a €14bn ($20bn; £13bn) hole in its accounts in what remains Europe’s biggest bankruptcy.

What happened in WorldCom scandal?

The fraud was uncovered in June 2002 when the company’s internal audit unit, led by the vice president Cynthia Cooper, discovered over $3.8 billion of fraudulent balance sheet entries. Eventually, WorldCom was forced to admit that it had overstated its assets by over $11 billion.