Parmalat
Encyclopedia
Parmalat SpA is a multinational
Italian
dairy
and food corporation. Having become the leading global company in the production of ultra high temperature (UHT) milk
, the company collapsed in 2003 with a €14 billion ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Today, Parmalat is a company with a global presence, having major operations in Europe
, Latin America
, North America
, Australia
, China
and South Africa
.
Since 2011, it is a subsidiary of French
group Lactalis
.
Still specializing in UHT
milk and milk derivatives (varieties of yoghurt
, cheese
, butter
, ice cream
, etc.), the group also has an interest in fruit juices. These products are distributed under well-known brand names such as Lactis, Santal, Malù, and Kyr. Its worldwide operations include almost 140 production centres and more than 36,000 employees, while 5,000 Italian dairy farms are dependent on the company for the bulk of their business. Its shares are listed on the Milan Stock Exchange.
, a 22-year old college dropout, opened a small pasteurisation plant in Parma
. Two decades later, the company had grown into a multinational corporation
diversifying into milk
, dairy, beverage, bakery
, and other product lines in the 1980s, becoming listed on the Milan stock exchange in 1990, and expanding further in the 1990s. By 22 April 2002, Parmalat's share price had reached a record and the company was valued at €3.7bn, employing over 30,000 people in 30 countries. The company began to expand and had listed in its portfolio amongst other things: an expansion in the space of a decade from six countries into thirty and ownership or sponsorship of Parma A.C.
, S.E. Palmeiras
, Brazil
ian Formula One
racing driver Pedro Diniz
, ParmaTour (a travel group) and Odeon TV
.
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Parmalat's name was notable outside Italy in Formula One
. Its name was emblazoned on the cap of Niki Lauda
, which he always wore following his 1976 German Grand Prix
accident. The Brabham Formula One team was sponsored by Parmalat through some of its most successful years in the late 1970s and early 1980s. Owned by Bernie Ecclestone, Nelson Piquet and the Brabham team won two World Drivers Championships while sponsored by Parmalat. It also sponsored Pedro Diniz
throughout his Formula One career, and Its logo was seen on Forti
, Arrows
, Ligier and Sauber
cars from 1995-2000.
Fausto Tonna unexpectedly announced a new €500 million bond issue. This came as a surprise both to the markets and to the CEO, Calisto Tanzi
. Tanzi forced Tonna to resign and replaced him with Alberto Ferraris. According to an interview he later gave Time
magazine, Ferraris was surprised to discover that, though now CFO, he still did not have access to some of the corporate books, which were being handled by chief accounting officer Luciano Del Soldato. He began making some inquiries and began to suspect that the company's total debt was more than double that on the balance sheet.
The plan for a €300M fundraising effort was dropped in September of 2003 and the company's shares depreciated significantly as a result of the publicised concerns raised over transactions with mutual fund
Epicurum, another Cayman-based company linked to Parmalat by November. Ferraris resigned less than a week after the public fall-out and was replaced by Del Soldato. Del Soldato resigned the next month, unable to get cash from Epicurum fund, needed to pay debts and make bond payments totalling at least €150M. Enrico Bondi
was called in to help the company as it went into administration, while Tanzi himself resigned as chairman and CEO. Parmalat's bank, Bank of America
, then released a document showing €3.95 billion in Bonlat's bank account as a forgery
. Prime Minister Silvio Berlusconi
initiated a fraud investigation and appointed Bondi to administer the company's rescue. Hundreds of thousands of investors lost their money and would never recover it. The company officially went bankrupt, though the Italian government used the legal mean "commissariamento" to save the trademark.
Calisto Tanzi, once a symbol of unlimited success, was detained hours after the firm was declared officially insolvent in late December and admitted that there was a hole of €8bn in Parmalat's accounts, but denied any cover-up. The arrest of five further executives of the company followed. The auditors of the administration eventually determined that the debts amounted to €14.3bn, which was almost eight times the sum originally stated. Several of the company's subsidiaries subsequently went insolvent, including its Brazilian and American operations and its football club in Parma
, before Parmalat sued several multi-national banks for huge sums of money.
Tanzi was eventually charged with financial fraud
and money laundering
. Italians were shocked that such a vast and established empire could crumble so quickly. Among the questionable accounting practices used by Parmalat: it sold itself credit-linked note
s, in effect placing a bet on its own credit worthiness in order to conjure up an asset
out of thin air. After his arrest, Tanzi reportedly admitted during questioning at Milan
's San Vittore
prison, that he diverted funds from Parmalat into Parmatour and elsewhere. The family football
and tourism enterprises were financial disasters; as well as Tanzi's attempt to rival Berlusconi by buying Odeon TV, only to sell it at a loss of about €45 million. Tanzi was sentenced to 10 years in prison for fraud relating to the collapse of the dairy group. The other seven defendants, including executives and bankers, were acquitted. Another eight defendants settled out of court in September 2008. In September 2009, three lawsuits by Parmalat Capital Finance Ltd. and Enrico Bondi, CEO of Parmalat, against Bank of America and auditors Grant Thornton
, were dismissed.
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
Italian
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
dairy
Dairy
A dairy is a business enterprise established for the harvesting of animal milk—mostly from cows or goats, but also from buffalo, sheep, horses or camels —for human consumption. A dairy is typically located on a dedicated dairy farm or section of a multi-purpose farm that is concerned...
and food corporation. Having become the leading global company in the production of ultra high temperature (UHT) milk
Milk
Milk is a white liquid produced by the mammary glands of mammals. It is the primary source of nutrition for young mammals before they are able to digest other types of food. Early-lactation milk contains colostrum, which carries the mother's antibodies to the baby and can reduce the risk of many...
, the company collapsed in 2003 with a €14 billion ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Today, Parmalat is a company with a global presence, having major operations in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
, North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
.
Since 2011, it is a subsidiary of French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
group Lactalis
Lactalis
Lactalis is a multi-national dairy products corporation, owned by the Besnier family and based in Laval, Mayenne, France. It is the third largest dairy products group in the world, and is the second largest food products group in France, behind Danone...
.
Still specializing in UHT
Ultra-high-temperature processing
Ultra-high temperature processing, ultra-heat treatment , or ultra-pasteurization is the sterilization of food by heating it for an extremely short period, around 1–2 seconds, at a temperature exceeding 135°C , which is the temperature required to kill spores in milk...
milk and milk derivatives (varieties of yoghurt
Yoghurt
Yoghurt, yogurt or yogourt is a dairy product produced by bacterial fermentation of milk. The bacteria used to make yoghurt are known as "yoghurt cultures"...
, cheese
Cheese
Cheese is a generic term for a diverse group of milk-based food products. Cheese is produced throughout the world in wide-ranging flavors, textures, and forms....
, butter
Butter
Butter is a dairy product made by churning fresh or fermented cream or milk. It is generally used as a spread and a condiment, as well as in cooking applications, such as baking, sauce making, and pan frying...
, ice cream
Ice cream
Ice cream is a frozen dessert usually made from dairy products, such as milk and cream, and often combined with fruits or other ingredients and flavours. Most varieties contain sugar, although some are made with other sweeteners...
, etc.), the group also has an interest in fruit juices. These products are distributed under well-known brand names such as Lactis, Santal, Malù, and Kyr. Its worldwide operations include almost 140 production centres and more than 36,000 employees, while 5,000 Italian dairy farms are dependent on the company for the bulk of their business. Its shares are listed on the Milan Stock Exchange.
Early history (1961–2002)
In 1961, Calisto TanziCalisto Tanzi
Calisto Tanzi 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. Tanzi was the founder of Parmalat and its CEO, at the time. Tanzi founded Parmalat in 1961, after...
, a 22-year old college dropout, opened a small pasteurisation plant in Parma
Parma
Parma is a city in the Italian region of Emilia-Romagna famous for its ham, its cheese, its architecture and the fine countryside around it. This is the home of the University of Parma, one of the oldest universities in the world....
. Two decades later, the company had grown into a multinational corporation
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
diversifying into milk
Milk
Milk is a white liquid produced by the mammary glands of mammals. It is the primary source of nutrition for young mammals before they are able to digest other types of food. Early-lactation milk contains colostrum, which carries the mother's antibodies to the baby and can reduce the risk of many...
, dairy, beverage, bakery
Bakery
A bakery is an establishment which produces and sells flour-based food baked in an oven such as bread, cakes, pastries and pies. Some retail bakeries are also cafés, serving coffee and tea to customers who wish to consume the baked goods on the premises.-See also:*Baker*Cake...
, and other product lines in the 1980s, becoming listed on the Milan stock exchange in 1990, and expanding further in the 1990s. By 22 April 2002, Parmalat's share price had reached a record and the company was valued at €3.7bn, employing over 30,000 people in 30 countries. The company began to expand and had listed in its portfolio amongst other things: an expansion in the space of a decade from six countries into thirty and ownership or sponsorship of Parma A.C.
Parma F.C.
Parma Football Club , commonly referred to as just Parma, is an Italian professional football club based in Parma, Emilia–Romagna that will compete in Serie A for the 2011–12 season, having finished in twelfth position last season. Founded as Verdi Foot Ball Club in July 1913, the club changed its...
, S.E. Palmeiras
Sociedade Esportiva Palmeiras
Sociedade Esportiva Palmeiras is a Brazilian football club from São Paulo. The club was founded on August 26, 1914, as Palestra Italia but changed to the current name on September 14, 1942...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
ian Formula One
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
racing driver Pedro Diniz
Pedro Diniz
Pedro Paulo Diniz is a racing driver from Brazil. He participated in 99 Formula One Grands Prix, debuting on March 26, 1995...
, ParmaTour (a travel group) and Odeon TV
Odeon TV
Odeon TV is an Italian television network that offer, with an own television syndication network, a light entertainment program: movies, news and weather bulletins, political debates and variety shows....
.
Parmalat in Formula One
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
. Its name was emblazoned on the cap of Niki Lauda
Niki Lauda
Andreas Nikolaus "Niki" Lauda is an Austrian former Formula One racing driver and three-time F1 World Champion. More recently an aviation entrepreneur, he has founded and run two airlines and was manager of the Jaguar Formula One racing team for two years.- Early years in racing :Born in Vienna,...
, which he always wore following his 1976 German Grand Prix
1976 German Grand Prix
The 1976 German Grand Prix was a Formula One race held at the Nürburgring on 1 August 1976, and is notable as the location of Niki Lauda's near fatal accident...
accident. The Brabham Formula One team was sponsored by Parmalat through some of its most successful years in the late 1970s and early 1980s. Owned by Bernie Ecclestone, Nelson Piquet and the Brabham team won two World Drivers Championships while sponsored by Parmalat. It also sponsored Pedro Diniz
Pedro Diniz
Pedro Paulo Diniz is a racing driver from Brazil. He participated in 99 Formula One Grands Prix, debuting on March 26, 1995...
throughout his Formula One career, and Its logo was seen on Forti
Forti
Forti Corse, commonly known as Forti, was an Italian motor racing team chiefly known for its brief, and unsuccessful, involvement in Formula One in the mid-1990s. It was established in the late 1970s and competed in lower formulae for two decades...
, Arrows
Arrows
Arrows Grand Prix International was a British Formula One team active from to . For a period of time, it was also known as Footwork.-Origins :...
, Ligier and Sauber
Sauber
Sauber F1 Team is a Swiss Formula One team. It was founded in the 1970s by Peter Sauber, who progressed through hillclimbing and the World Sportscar Championship to reach Formula One in 1993....
cars from 1995-2000.
Financial fraud (2002–2005)
In 1997, Parmalat jumped into the world financial markets in a big way, financing several international acquisitions, especially in the Western Hemisphere, with debt. But by 2001, many of the new divisions were producing losses, and the company financing shifted largely to the use of derivatives, apparently at least in part with the intention of hiding the extent of its losses and debt. In February 2003, chief financial officerChief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
Fausto Tonna unexpectedly announced a new €500 million bond issue. This came as a surprise both to the markets and to the CEO, Calisto Tanzi
Calisto Tanzi
Calisto Tanzi 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. Tanzi was the founder of Parmalat and its CEO, at the time. Tanzi founded Parmalat in 1961, after...
. Tanzi forced Tonna to resign and replaced him with Alberto Ferraris. According to an interview he later gave Time
Time (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...
magazine, Ferraris was surprised to discover that, though now CFO, he still did not have access to some of the corporate books, which were being handled by chief accounting officer Luciano Del Soldato. He began making some inquiries and began to suspect that the company's total debt was more than double that on the balance sheet.
The plan for a €300M fundraising effort was dropped in September of 2003 and the company's shares depreciated significantly as a result of the publicised concerns raised over transactions with mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
Epicurum, another Cayman-based company linked to Parmalat by November. Ferraris resigned less than a week after the public fall-out and was replaced by Del Soldato. Del Soldato resigned the next month, unable to get cash from Epicurum fund, needed to pay debts and make bond payments totalling at least €150M. Enrico Bondi
Enrico Bondi
Enrico Bondi is an Italian administrator.Although he graduated in Chemistry, Bondi has extensive experience of re-structuring companies in financial ill-health. Most notably, he took charge of Parmalat and its subsidiaries during the crisis that followed the Crac Parmalat in the early 2000s. This...
was called in to help the company as it went into administration, while Tanzi himself resigned as chairman and CEO. Parmalat's bank, Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, then released a document showing €3.95 billion in Bonlat's bank account as a forgery
Forgery
Forgery is the process of making, adapting, or imitating objects, statistics, or documents with the intent to deceive. Copies, studio replicas, and reproductions are not considered forgeries, though they may later become forgeries through knowing and willful misrepresentations. Forging money or...
. Prime Minister Silvio Berlusconi
Silvio Berlusconi
Silvio Berlusconi , also known as Il Cavaliere – from knighthood to the Order of Merit for Labour which he received in 1977 – is an Italian politician and businessman who served three terms as Prime Minister of Italy, from 1994 to 1995, 2001 to 2006, and 2008 to 2011. Berlusconi is also the...
initiated a fraud investigation and appointed Bondi to administer the company's rescue. Hundreds of thousands of investors lost their money and would never recover it. The company officially went bankrupt, though the Italian government used the legal mean "commissariamento" to save the trademark.
Calisto Tanzi, once a symbol of unlimited success, was detained hours after the firm was declared officially insolvent in late December and admitted that there was a hole of €8bn in Parmalat's accounts, but denied any cover-up. The arrest of five further executives of the company followed. The auditors of the administration eventually determined that the debts amounted to €14.3bn, which was almost eight times the sum originally stated. Several of the company's subsidiaries subsequently went insolvent, including its Brazilian and American operations and its football club in Parma
Parma F.C.
Parma Football Club , commonly referred to as just Parma, is an Italian professional football club based in Parma, Emilia–Romagna that will compete in Serie A for the 2011–12 season, having finished in twelfth position last season. Founded as Verdi Foot Ball Club in July 1913, the club changed its...
, before Parmalat sued several multi-national banks for huge sums of money.
Tanzi was eventually charged with financial fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
and money laundering
Money laundering
Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount...
. Italians were shocked that such a vast and established empire could crumble so quickly. Among the questionable accounting practices used by Parmalat: it sold itself credit-linked note
Credit-linked note
A credit linked note is a form of funded credit derivative. It is structured as a security with an embedded credit default swap allowing the issuer to transfer a specific credit risk to credit investors. The issuer is not obligated to repay the debt if a specified event occurs...
s, in effect placing a bet on its own credit worthiness in order to conjure up an asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
out of thin air. After his arrest, Tanzi reportedly admitted during questioning at Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
's San Vittore
San Vittore
San Vittore may refer to:* San Vittore, Switzerland, a municipality in Graubünden, Switzerland* San Vittore del Lazio, a comune in Lazio, Italy* San Vittore Olona, a comune in Lombardy, Italy...
prison, that he diverted funds from Parmalat into Parmatour and elsewhere. The family football
Parma F.C.
Parma Football Club , commonly referred to as just Parma, is an Italian professional football club based in Parma, Emilia–Romagna that will compete in Serie A for the 2011–12 season, having finished in twelfth position last season. Founded as Verdi Foot Ball Club in July 1913, the club changed its...
and tourism enterprises were financial disasters; as well as Tanzi's attempt to rival Berlusconi by buying Odeon TV, only to sell it at a loss of about €45 million. Tanzi was sentenced to 10 years in prison for fraud relating to the collapse of the dairy group. The other seven defendants, including executives and bankers, were acquitted. Another eight defendants settled out of court in September 2008. In September 2009, three lawsuits by Parmalat Capital Finance Ltd. and Enrico Bondi, CEO of Parmalat, against Bank of America and auditors Grant Thornton
Grant Thornton
Grant Thornton LLP encompasses the U.S. operations of Grant Thornton International, the largest accounting organizations outside of the Big Four . The member firms of Grant Thornton International comprise a global network of 27,000 employees and 2,207 partners in more than 110 countries...
, were dismissed.
Parmalat in the world (now)
Direct presence
- ItalyItalyItaly , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
- PortugalPortugalPortugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
- RomaniaRomaniaRomania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
- RussiaRussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
- AustraliaAustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
- BotswanaBotswanaBotswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
- CanadaParmalat CanadaParmalat Canada is a Toronto, Ontario based company that sells dairy products. It is owned by Parmalat SpA of Italy.The Canadian unit was established in 1997 with the purchase of Beatrice Foods Canada and Ault Foods...
- ColombiaColombiaColombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
- CubaCubaThe Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
- EcuadorEcuadorEcuador , officially the Republic of Ecuador is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to the west. It is one of only two countries in South America, along with Chile, that do not have a border...
- MozambiqueMozambiqueMozambique, officially the Republic of Mozambique , is a country in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west and Swaziland and South Africa to the southwest...
- NicaraguaNicaraguaNicaragua is the largest country in the Central American American isthmus, bordered by Honduras to the north and Costa Rica to the south. The country is situated between 11 and 14 degrees north of the Equator in the Northern Hemisphere, which places it entirely within the tropics. The Pacific Ocean...
- ParaguayParaguayParaguay , officially the Republic of Paraguay , is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Paraguay lies on both banks of the Paraguay River, which runs through the center of the...
- South AfricaSouth AfricaThe Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
- SwazilandSwazilandSwaziland, officially the Kingdom of Swaziland , and sometimes called Ngwane or Swatini, is a landlocked country in Southern Africa, bordered to the north, south and west by South Africa, and to the east by Mozambique...
- VenezuelaVenezuelaVenezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
- ZambiaZambiaZambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
Presence under licence
- BrazilBrazilBrazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
- ChileChileChile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
- ChinaChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
- Dominican RepublicDominican RepublicThe Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
- HungaryHungaryHungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
- MexicoMexicoThe United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
- SpainSpainSpain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
(Clesa) - United States of America
- UruguayUruguayUruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
See also
- List of Italian companies
- Corporate abuse
- Gianmario RoveraroGianmario RoveraroGianmario Roveraro was an Italian banker who founded Akros Finanziaria. He went missing on July 5, 2006 following an Opus Dei meeting. It is thought that he was kidnapped, although no ransom was made...
External links
- BBC "Parmalat in Bankruptcy Protection" December 24, 2003
- Parmalat dream goes sour; The ObserverThe ObserverThe Observer is a British newspaper, published on Sundays. In the same place on the political spectrum as its daily sister paper The Guardian, which acquired it in 1993, it takes a liberal or social democratic line on most issues. It is the world's oldest Sunday newspaper.-Origins:The first issue,...
; January 4, 2004 - How It All Went So Sour - The inside story of Parmalat; Time Magazine; November 23, 2004.
- There is Something about Parmalat (On Directors and Gatekeepers); Simone di Castri and Francesco Benedetto on ssrn.com.