'Europe's Enron' kept borrowing until new CFO sounded the alarm
- Italian dairy company Parmalat, then one of the largest in the world, was found to have concealed €14 billion in debt in 2003.
- Founder Calisto Tanzi ran the business with family members and close friends from the Italian provincial town of Collecchio. There was little supervision.
- The fraud was able to become so extensive partly due to the naivety of accountants, banks and politicians in the 1990s.
Some €14 billion in concealed debts, thousands of victims and a CEO without remorse. But who still remembers the mega fraud at dairy company Parmalat?
fd.nl
%3Aformat(jpeg)%3Afill(f8f8f8%2Ctrue)%2Fs3%2Fstatic.nrc.nl%2Fwp-content%2Fuploads%2F2019%2F07%2Ffritshome.png&w=3840&q=100)