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1、ABCDCOSOcasestudyCasestudy–ParmalatThesituation-ParmalatisamultinationalItaliandairyandfoodcorporation-ThecompanywasfoundedbyCalistoTanzi,auniversitydropoutwhotransformedafamilybusiness,CalistoTanzi&Sons-SalamisandPreservesintoanorganisationhailedasoneofEurope's
2、biggestcorporatesuccessstories.-In1997Parmalatjumpedintotheworldfinancialmarketsinabigway,financingseveralinternationalacquisitionswithdebt.-By2001,manyofthenewdivisionswereproducinglosses,andthecompanyfinancingshiftedlargelytotheuseofderivatives.-Parmalathaddet
3、erminedthattheircompanywideobjectiveswastobecometheleadingglobalcompanyinproductionofUHT,however,ariskassessmentoffinancingseveralinternationalacquisitionswithdebtandderivativeswasnotperformed.-Therewasalsoaconcernthatthemanagerswhoweremakingtheaccountingdecisio
4、ns,werealsopostingthejournalstothegeneralledger.Furthermore,theywerereviewingandsigningoffonthereconciliationsandreporting-InFebruary2003,CFOFaustoTonnaunexpectedlyannouncedanew€500millionbondissue.ThiscameasasurprisebothtothemarketsandtotheCEO,CalistoTanzi.Tanz
5、ifiredTonnaandreplacedhimasCFOwithAlbertoFerraris.-Ferrariswassurprisedtodiscoverthat,thoughnowCFO,hestilldidn'thaveaccesstosomeofthecorporatebooks,whichwerebeinghandledbytheChiefAccountingOfficer,LucianoDelSoldato.-Hebeganmakingsomeinquiriesandbegantosuspecttha
6、tthecompany'stotaldebtwasmorethandoublethatonthebalancesheet.-Itwasidentitifedthattherewasalackofvaliditycheckstoconfirmtheaccountsactuallyexisted,resultingininaccurateinformationbeingreported.-ThecrisisbecamepublicinNovemberwhenquestionswereraisedabouttransacti
7、onswithmutualfundEpicurum,aCayman-basedcompanylinkedtoParmalatcausingitsstocktoplummet.FerrarisresignedlessthanaweeklaterandwasreplacedbyDelSoldato.-InDecember,DelSoldatoresigned,unabletogetcashfromEpicurumfund,neededtopaydebtsandmakebondpayments.Thecompany,whoh
8、ad36,000employees,wassupposedtobesittingon€3.95billionincash,sotheItalianbankerswerepuzzledbyitspredicamentofacashshortage.-EnricoBondiwascalledintohelpthecompany.Tan
