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イタリア乳業大手パルマラート Parmalat 経営破綻・株価暴落の顛末資料(BBC)
http://www.asyura2.com/0401/hasan34/msg/101.html
投稿者 ぷち熟女 日時 2004 年 3 月 06 日 09:30:05:WgkZZjZT3HifU
 

みなさま、おっは〜。

あたくしがこちらの板に投稿すると、きっと嵐になりますのでご注意下さい。

空耳33の方へ多国籍会計監査業務会社 Grant Thornton (英国が本拠地) の情報を求めたところでした。
下記投稿をご覧下さい。
エンセンさま、レスをありがとうね。

多国籍会計業務会社 Grant & Thornton についての情報求む(怪しいのだー)
- ぷち熟女 2004/3/05 20:49:43 (1)
http://www.asyura2.com/0401/bd33/msg/1035.html

Grant & Thornton についての情報
- エンセン 2004/3/06 00:45:57 (0)
http://www.asyura2.com/0401/bd33/msg/1039.html

で、ですね、あたくしは実は伊語のニュースは既に集めているのですが、
あまりにも膨大になってきたので、取りあえず英語の資料を少しずつ集めては投稿してみようと思います。
あまり新しくないですが、まあ取っ掛かりとしてはいいでしょう。

不満なのは、もうネット上で Parmalat と Grant Thornton の関係に言及していた資料が
軒並み削除されてきています。
検索すると、結果には出るんですが、クリックするともう無くなってます。
Parmalat の破綻が明るみに出たのが昨年末ですから、おそらく
Grant Thornton の英国本社、カナダ、アメリカなどのサイトのトップページに
昨年末か今年1月くらいのものでしょう、
『もうウチと Parmalat は関係ないもんね』という声明が出ていたりしたのですが、
今、検索結果にその名残だけ見られ、もうそれらのページに飛ぶと上書きされていて
そういう記述さえ見られないようになってます。

関係ないもんね、じゃないでしょう、
アンタのところが会計監査していてああいうことになったんでしょうが。

破綻がはっきりしてから、Grant Thornton は Parmalat の担当者だったイタリア人社員(ミラノ勤務)二人の首が切られました
(二人はもう拘束されている)。
それはまあ当たり前なんでしょうが、英国メーソンの本部がP2も表向けは縁切ってたなあ、というのもあって
イタリア人は世界中でイイ加減だと思われてるから、用済みになれば後は切ればそれであっさり片づく、
という感覚があっても不思議ないですもんね。
と、ついひねくれた見方をしてしまいます。

また、非常に怪しすぎるのが、Parmalat の債務整理担当になった政治家が、
あのベルルスコーニ首相の唾棄すべき右腕、Enrico Bondi なのですよ。
ベルルスコーニのためならどんな嘘でもつく男です。
キナ臭いのです。

Parmalat の行方不明の巨額のカネは、Bank of America と
オフショアのマルタ島、あとは南米でも消えているようです(どこか忘れた)。

そんなうまい話があるのか。

とにかく、以下 BBC サイトから調達したニュースを投稿します。
また随時、何か見つけましたら投稿していきます。
みなさまも、何かご存知でしたら、ご教示願います。

ではまた、ごきげんよう。

==================================================================

http://news.bbc.co.uk/1/hi/business/3430951.stm

Monday, 26 January, 2004, 15:55 GMT

Q&A: Parmalat's debts

Parmalat, the insolvent Italian food and dairy company, has admitted
that its debts are 14.3bn euros, eight times bigger than it previously claimed.

The news has cast further confusion on what was already a baffling corporate mess. BBC News Online takes a look at the affair.


*14.3bn euros sounds like an awful lot of debt. Is it?

Odd as it may sound, not really.
For a company of Parmalat's size, this level of debt is high, but not catastrophic.
The reason for concern, however, is the level of deception.
The admission confirms what has long been suspected about Parmalat - that its published accounts have been little more than a tissue of fabrication.
Nor is it just debt: Parmalat also exaggerated its revenues and profits.
Long before Parmalat was pitched into administration last month, analysts had suspected it of fiddling its books.
The question for many now is going to be how much it fiddled, and for how long.


*Does this make Parmalat less likely to survive?

It's important to remember that Parmalat is in administration, and so enjoys protection from its creditors.
As such, its present level of debt is, on one level, neither here nor there.
More worrying is the information about the company's cash position, which - it now turns out - was dire last year and almost certainly worse now.
Again, however, it must be assumed that the company's administrators will not allow the financing to run completely dry.
And although this week's figures have been far worse than people could have guessed, they are also not entirely discouraging about the company's fundamental prospects.
Sales of long-life milk in Italy - Parmalat's core business - are up 14% this year, the company said.
If we can believe them, that is.

*So what's the next step?

Parmalat's current management, led by turnaround expert Enrico Bondi, are determined to salvage a going concern from the current wreckage.
This is certain to mean sweeping sales of company assets.
And this is the real problem with Parmalat's unreliable accounting: until we have a full and complete breakdown of the company's financial position, no potential partner will touch it with a bargepole.
The information released this week goes some way to clarifying the position, but still falls short of providing a complete picture.
Such a picture cannot emerge until the current wave of investigations are concluded - something that may be years down the road.
By then, of course, it could be too late for many of the firm's 36,000 staff.


*And what prospects are there for these investigations?

That's the 14.3bn-euro question.
It is becoming ever clearer that a vast fraud - possibly the biggest in corporate history - was perpetrated at Parmalat.
It now remains to establish how and by whom; the paper trail is so convoluted that establishing guilt is likely to be a maddeningly complex affair.
At the heart of any probe sit the company's banks, which for many years waxed fat on the proceeds of Parmalat's bewildering financial juggling.
As with the collapse of Enron, the closest analogy in recent history, Parmalat seems to have been fatally addicted to financial jiggery-pokery such as transatlantic currency swaps and the like.
Banks fed that addiction, and now look set to reap the whirlwind.

==================================================================


http://news.bbc.co.uk/1/hi/business/3429701.stm

Monday, 26 January, 2004, 17:51 GMT

Parmalat crisis hits Brazil's dairy industry

Steve Kingstone
BBC correspondent in Sao Paolo


Thousands of miles from Europe, the fallout from Italy's biggest corporate scandal is having its effect on the farmers of Brazil.
Dairy farmers and milk co-operatives are suffering as the Italian food giant Parmalat fails to pay its bills in time.

Two hours drive west of Rio de Janeiro is Happy Memory Farm, a modest, family affair with nine workers and 45 dairy cows.

Every day it produces 650 litres of milk.

"We're nervous," admits Moacir dos Santos, who manages the place.

"It's not clear what will happen to Parmalat, and everyone is thinking about their own job and future."

He has good reason to be worried.

Like other farms in the area, Happy Memory sells most of its milk to
Parmalat's Brazilian business

Since the financial scandal broke in Italy, the company has been late in
its payments.

"We provide them with high-quality milk at a very good price," says Mr
Santos.

"If they don't pay up at the end of the month, it's annoying and worrying
at the same time."


Chain reaction

A short distance down the road is Coopersul, the area's milk co-operative.

It acts as a middle-man, buying fresh milk from a hundred local farmers
before selling it on to companies such as Parmalat.

The milk is pasteurised and bottled by a team of 36 workers.

"We process 30,000 litres a day, half of which goes to Parmalat," says Almiro Rossi, Coopersul's president.

"If they don't pay, it causes chaos."

Parmalat waited until 16 January to pay for milk delivered in November,
Mr Rossi says.

"It was terrible," he recalls.

"They didn't pay me, which meant I couldn't pay the farmers, and I almost
had to lay off workers here at the co-operative."


Major player

Having set up in Brazil in the 1970s, Parmalat is the country's second
biggest buyer of milk after Nestle.

Its range of dairy products remains popular with Brazilian shoppers, thanks to a pioneering marketing strategy.

"Parmalat was the first big company to sponsor a football team,"says
Adalberto Viviani, a marketing consultant.

"Previously, the idea that you could sell milk through sports branding was
considered foolish, but Parmalat soon became one of Brazil's best known
brands and other companies followed its example."

Mr Viviani believes there is still a "wide gap" between Parmalat's financial troubles and the company's healthy reputation among Brazilian consumers.

"All other things being equal, the Parmalat name will survive here," he says.


Asset stripping

But behind the successful image, Parmalat was experiencing financial problems even before the current crisis.

The company has lost money every year since 1998, thanks to series of costly acquisitions.

Under new direction it began streamlining its operations in 2000.

The fear now is that revenue generated in Brazil will be siphoned off to Italy, to cover the hole in Parmalat's European finances.

Following legal action by the company's Brazilian creditors, a team of auditors has been appointed to ensure that assets are not sold off.


No security

With events in Italy still unfolding, these are nervous times for the company's 6,000 Brazilian workers as well.

Last week, the food industry's main trade union said production at Parmalat had fallen by half since the crisis broke.

Two of the company's Brazilian plants are reported to have run out of packaging material.

In the long-term this chain of events raises questions about whether
Brazil's farmers and co-operatives are too dependent on large corporations like Parmalat.

But the more pressing issue is survival.

"We're suspicious and insecure," says Katia, the cook at Happy Memory
Farm.

"Everyone here depends on Parmalat for a living.

"If the company collapses it will be a disaster for all of us."

==================================================================

http://news.bbc.co.uk/1/hi/business/3334347.stm

Monday, 22 December, 2003, 08:46 GMT

Parmalat: An Italian favourite

By James Arnold
BBC News Online business reporter


It should in theory be possible to live in Italy without consuming Parmalat's products, but it certainly wouldn't be easy.

Parmalat milk is the Italian milk; Santal is the Italian fruit juice; a
dozen other products, from Pomi pulped tomatoes to Grisbi biscuits, are staples of every Italian store-cupboard.

If you're in the curious position of not eating or drinking, Parmalat owns
Parma football club, a stalwart of the Serie A.

Outside Italy, the firm is spreading its tentacles.

From almost nothing a decade ago, it is now in 30 countries - most aggressively in Eastern Europe and Latin America.


Structural sprawl

All most impressive.

From a single delicatessen in the early 1960s, the Tanzi family have built up a company with annual revenues of 7.6bn euros, and 36,400 staff at 139 production sites.

But as this week has shown, there is a less wholesome side to Parmalat.

No-one denies that the company operates one of the most formidable consumer-goods operations on the planet, but the finances underpinning it raise troubling questions.

Over the past decade of headlong international expansion, Parmalat has developed a global structure of bewildering complexity, at least in part to minimise its tax liability.

The company is listed on half-a-dozen stock exchanges, and produces detailed financial statements, but analysts suspect that the headline balance-sheet figures - currently some 6bn euros in debt and 4bn euros in
assets - simply do not reflect reality.

On 19 December, Bank of America took the unusual step of rejecting as false a Parmalat document, which purported to show that the firm had 4bn euros stowed in the Cayman Islands.


Funny money

Even if Parmalat is able to produce its Cayman hoard, this sort of thing is
seen as a pretty funny way for a modern multinational to behave.

Parmalat, its thrusting image notwithstanding, behaves worryingly like the tight-lipped family-controlled business it remains.

Analysts wonder, for example, why the company has not used its supposed cash pile to pay down its debts, instead issuing new bonds to
replace the old.

They also want more details on Epicurum, a peculiar fund - based, again,
in the Caymans - with which Parmalat has done substantial business,
including an unexplained 500m-euro cash injection.

PricewaterhouseCoopers is now investigating Epicurum, as well as Bonlat, the company that produced the phoney documents for Bank of America.


Europe's next Enron

All this may, of course, be wholly innocent.

But European markets are spooked because it smells horribly like Enron,
the US company whose global web of complex financial transactions brought down a fast-growing business.

Over the past couple of years, French media conglomerate Vivendi, Dutch
supermarket Ahold and Italian car maker Fiat have all shown Enron-like
qualities.

But Parmalat's particular fondness for large derivatives transactions -
huge off-balance-sheet deals in complex financial instruments - makes it the closest apparent counterpart this side of the Atlantic.


Staying alive?

It is less likely, however, that Parmalat will disintegrate as completely as did Enron.

The company is tightly woven into both Italy's society and its financial
system: many powerful forces have an interest in seeing it survive.

Prime Minister Silvio Berlusconi has already adjusted the laws on administration to give Parmalat a better chance of restructuring.

Its underlying business is certainly sound, which could not always be said of much of Enron's inflated empire of gas traders and electricity brokers.

And the company seems to be taking surprisingly rapid steps to clear up
its mess.

The founding family was brusquely shunted from the management suite
this week, and turnaround specialist Enrico Bondi has been installed in
the top job.

Parmalat certainly needs every drop of Mr Bondi's unrivalled credibility.

==================================================================

http://news.bbc.co.uk/1/hi/business/3358771.stm

Wednesday, 31 December, 2003, 10:12 GMT

Tanzi's path from boardroom to jail
Analysis
By Ben Richardson
BBC News Online business reporter


The fall from grace of Parmalat founder Calisto Tanzi has been as quick as it has been shocking.

In little under a month, one of Italy's flagship companies has been placed into administration and Mr Tanzi has gone from plush boardroom to police
cell.

Investors both big and small have watched slacked jawed as a gaping hole has been revealed in Parmalat's accounts.

But those wishing for a swift end to what many are calling Europe's biggest ever financial scandal may be disappointed.

As of yet, no official charges have been levelled against the 65-year-old
Mr Tanzi and even if they are, lawyers are predicting that any trial will be a long and expensive affair.


'Slow and complicated'

The Italian government has acted quickly to reassure concerned voters
that the problems at the dairy company will not mean job losses, but it
may find the country's complex and overburdened legal system a trickier
proposition.

In the US, where accounting scandals prompted a global sell off in shares, investigations and court cases involving executives at Enron and Worldcom are still going on more than a year after the cooked books were uncovered.

According to Robert O'Daly of research company the Economist Intelligence Unit, the legal process in Italy is "generally slow and complicated".

"If it's years for Enron, then it will be a lot longer for Parmalat," he said.

One of the main problems facing investigators is the amount of potential
evidence they may have to gather as the alleged fraud is thought to have
gone back as far as the 1980s.


Time-consuming

Further complicating matters is the size and reach of Parmalat, which
employs 36,000 people and has operations and bank accounts across the globe.

Getting information from countries outside of the European Union and US
may prove to be a time-consuming headache.

And even with all the best will in the world, just the simple task of photocopying documents for submission to the courts and legal teams can take an excruciatingly long time.

The one thing that may help speed things along is the apparent willingness of Mr Tanzi to co-operate with Italian authorities.

He has already admitted "diverting" 500m euros from Parmalat to help fund a travel company and according to reports on Tuesday has said that the company's missing money may be as much as 8bn euros.

He has, however, denied any role in covering up the losses, pointing the
finger of blame at top managers instead.


Bad decisions?

While the rumour mill has been cranked into overtime during the past few
weeks, the truth according to some observers may be far more boring.

The demise of Parmalat may have simply been bad business decisions by the man who dropped out of university and took over a family business at the age of 22 following the death of his father.

Often portrayed as a sober man who loved worthy causes and preferred to
drive himself to and from the office, Mr Tanzi may have fallen foul of the
largesse he is said to have eschewed.

Realising that there was money to be made selling milk not just in Parma, but to other northern Italian cities such as Genoa, Mr Tanzi set the family's small ham and cheese shop on a road of rapid expansion and innovation.

Parmalat was one of the first companies to use UHT technology and package milk in square Tetra Pak containers and in the early 1970s spread abroad to South America.

After floating the company on the Milan stock exchange at the start of the 1990s, Mr Tanzi was feted for producing rapid growth and building a company that could rival Italy's other family-grown concerns such as Turin-based carmaker Fiat.


Love of football

And with power and respect in Italy there comes football.

After buying Parma football club, Mr Tanzi invested in other squads in countries including Russia, Mexico and Brazil.

Not satisfied, he ventured into television, spent heavily on adverts with stars such as racing driver Niki Lauda and started building new headquarters outside of Parma.

All that came to an end when Mr Tanzi returned from Spain over the weekend and was taken into police custody.

While it is not clear how long the questioning will take, the media-shy businessman will now have to live in the glare of publicity until the complex web of financial holdings and offshore accounts is finally unravelled.

==================================================================

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