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Parma

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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 not defined. Gian Paolo Zini........................................................................................... Error! Bookmark not defined. Grant Thornton SpAMaurizio Bianchi and Lorenzo Penca....................... Error! Bookmark not defined. Banks and other board members. ............................................................ Error! Bookmark not defined. Parmalat board members ......................................................................... Error! Bookmark not defined. What to do to avoid financial crisis in an organization................................ Error! Bookmark not defined. Corporate Governance .............................................................................. Error! Bookmark not defined. The control structure................................................................................. Error! Bookmark not defined. The monitoring structure .......................................................................... Error! Bookmark not defined. Segregation of duties ................................................................................ Error! Bookmark not defined. References ..................................................................................................... Error! Bookmark not defined.

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 suspicious liquidity characterized by Parmalat offshores. Bank of America, Citigroup and J.P Morgan were the largest bond placers of Parmalat bonds because they believed that Parmalat was doing well financially. An offshore mail-box named Buconero was utilized to transfer a liquidity originated by sales of bonds (FELU, 2003). Buconero means "black hole", which was initiated by Zini legal firm in New York (Celani, 2004). During 2001, Departments of Parmalat suffered heavily from losses, and the company financing depended heavily on the use of derivatives, actually at least in portion with the intention of covering the magnitude of its loss and debt, it happened during February 2003 that Fausto Tonna, CFO, surprisingly declared a new 500 million euros bonds value (Fielder dairy unit report, 2013). The Parmalat crisis was at 8th of Dec. after failing to pay the 150 million euros bond that had matured. This fraud astonished many investors and Parmalat explained that a speculative customer Epicurum had failed to honor his deal after they had won a derivative contract with them. Later on it was known that Parmalat owned Epicurum and it was one of its offshore entities. These opened
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