Outside theUS, the financial scandal surrounding the Italian food giant Parmalat was another case of financial misreporting on a big scale. The company was the eighth largest industrial empire in Italy and boasted a range of world famous food products.
The company started emerging on the financial headlines as it went through a range of acquisitions in Europe which were financed predominantly by debt. However, many of the new divisions being created started getting losses and the company’s financing strategy shifted to derivatives which was seen as a ploy to camouflage its rising losses accompanied by debt. This was followed by firing of the company CFO and the new one found himself without complete access to the company’s accounts, leading to suspicions of possible fraud. Eventually the workings within Parmalat started opening up as it became clear that it had been involved in shady dealings.
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