Â Â Â Â Â Â Â Â The expression that I chose to give for this assignment is called Parma splat, (Jan 15th 2004, From the Economist, alumnus edition, retrieved May 13, 2005) The article concerns the Parmalat oblige to which was found to have been trickery on their financial statements, claiming in that location was more income than debt. They also were up to(p) to frig around the Bank of Italy (a firearm of Bank of America) to provide a forged and false garner confirming that Bonlat, a Parmalat helper word base in the Cayman Islands, had deposits of close to 4 one one million million million million (5.5 Billion) with the bank. The chief financial officer, ten other pot (including the CFOs wife) were arrested and told prosecutors that he (the CFO) benefited personally from cash in hand held by subsidiaries in Luxembourg, and he has alleged that the company took kickbacks from the Swedish packaging group Tetra-Pak (the Swedish company has denied all allegations) Â Â Â Â Â Â Â Â art object reading through this article it touch me that the problems of unethical financial management are non crotchety to the United States as I tended to believe. Parmalat, an Italian based caper had some of the uniform problems as Enron and Worldcom when it came to managing finances. The Chairman and old-timer administrator Officer (CEO) of Parmalat was the identical person, and the non-executive directors on the batting order had no independency to act on the various issues faced by the company.
Â Â Â Â Â Â Â Â Parmalat evidently had a board that had more family members on it, as hygienic as friends of the family and few people that were independent of both. It seems to me that this would amaze a conflict of engage when making sure shareholders were inured fairly. Â Â Â Â Â Â Â Â tally to the article: Until 1999, award Thornton, an international network of accountancy firms, was Parmalats main auditor. But Italys rules on the mandatory rotation of... If you pauperization to get a bountiful essay, order it on our website: Ordercustompaper.com
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