Which authority is recorded against Parmalat S.p.A.?

The entry is recorded against Public Prosecutor, Parma and Milan · CONSOB, in the Italy jurisdiction, under the theme Accounting misstatement · bond issuance.

What is the current status of this entry?

Status: Concluded — convictions confirmed. Last recorded change: 9 December 2010. The matter arose or was first recorded on 19 December 2003.

How was this matter brought to light?

Auditor and market disclosure. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.

Where can the primary sources for IT-2003-01 be checked?

The entry links to Reuters — Parmalat sentences; Background record — Parmalat.

IT-2003-01 · Italy · 2003

Parmalat: accounting shortfall, bondholder losses and Italian convictions

The collapse of the Parma dairy group followed the discovery that reported liquid assets did not exist. Italian courts subsequently recorded convictions for market manipulation and fraudulent bankruptcy.

Empty Italian courtroom, illustrating the Parmalat proceedings — Illustrative image · Parmalat S.p.A.

Institution: Parmalat S.p.A.
Authority: Public Prosecutor, Parma and Milan · CONSOB
Status: Concluded — convictions confirmed
Theme: Accounting misstatement · bond issuance
Raised by: Auditor and market disclosure
Jurisdiction: Italy
Matter arose: 19 December 2003
Last recorded: 9 December 2010
Amount: c. EUR 14bn shortfall reported

What the sources record

The group entered insolvency in December 2003 after a bank confirmation letter relied on in its accounts was found not to be genuine.

Milan and Parma proceedings ran in parallel, addressing market manipulation and the conduct of the bankruptcy respectively.

Convictions of former officers were confirmed on appeal; bondholder recovery proceedings continued for years afterwards.

Timeline

2003-12-19
Reported bank balance confirmed as non-existent.
2008-12-18
Milan market-manipulation judgment delivered.
2010-12-09
Parma fraudulent-bankruptcy sentences handed down.

Individuals named in this case

Italy

Court record

Calisto Tanzi

Founder and former chairman, Parmalat S.p.A.

Base · Parma

Convicted by the Italian courts in connection with the collapse of Parmalat in 2003; sentences confirmed on appeal

Italian courts recorded findings on market manipulation and fraudulent bankruptcy following the collapse of the dairy group and the discovery of a shortfall in its reported accounts.

Portrait tile — no licensed photograph held

Record →Case record →Source →

All individuals in the register →

Primary sources

Questions and answers on this entry

What does register entry IT-2003-01 record?: Parmalat: accounting shortfall, bondholder losses and Italian convictions. The collapse of the Parma dairy group followed the discovery that reported liquid assets did not exist. Italian courts subsequently recorded convictions for market manipulation and fraudulent bankruptcy.
Which authority is recorded against Parmalat S.p.A.?: The entry is recorded against Public Prosecutor, Parma and Milan · CONSOB, in the Italy jurisdiction, under the theme Accounting misstatement · bond issuance.
What is the current status of this entry?: Status: Concluded — convictions confirmed. Last recorded change: 9 December 2010. The matter arose or was first recorded on 19 December 2003.
How was this matter brought to light?: Auditor and market disclosure. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
Where can the primary sources for IT-2003-01 be checked?: The entry links to Reuters — Parmalat sentences; Background record — Parmalat.

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