Parmalat decision will focus in stakes of big foreign banks

Article Abstract:

In a case concerning the bankruptcy reorganization of dairy products company Parmalat S.p.A., Judge Giuseppe Coscioni will be handing down a decision as to whether such prominent international financial companies as Citigroup Inc. and Bank of America Corp. will be allowed to take part in the defunct company's restructuring. Parmalat's government-appointed administrator, Enrico Bondi, claims that the banks are guilty of having facilitated the corporate corruption and financial cover-ups that led to the demise of Parmalat, and that they should neither be awarded any compensation for their defaulted loans, nor should they be given an opportunity to take part in any aspect of the company's financial reorganization.

United States, Investment Banking and Securities Dealing, Investment Banking, Management dynamics, Security brokers and dealers, Dairy Products, Management, Investment banks, Practice, Company business management, Citigroup Inc., C, Debtor and creditor, Bank of America Corp., BAC, Bankruptcy reorganizations, Bankruptcy reorganization, Company bankruptcy, Bondi, Enrico, Coscioni, Giuseppe

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Dramatic revelations detail Parmalat's collapse

Article Abstract:

Interrogations of Parmalat employees reveal details of the dairy company's collapse, but also showcase discrepancies in how the fraud unfolded. Founder Calisto Tanzi blames his managers, while those managers claim any orders to destroy evidence or perpetuate the fraud came directly from Tanzi.

Police Protection, Fraud

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