DOCSLIB.ORG

Southern Alaska Carpenters Pension Fund, Et Al. V. Parmalat Finanziaria

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Southern Alaska Carpenters Pension Fund, Et Al. V. Parmalat Finanziaria UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x SOUTHERN ALASKA CARPENTERS : Civ. No. 04-CV-00030(LAK) EFC Case PENSION FUND, FONDAZIONE ITALO : MONZINO and RENATO ESPOSITO, On : ELECTRONICALLY FILED Behalf of Themselves and All Others Similarly : Situated, : FIRST AMENDED CLASS ACTION : COMPLAINT FOR VIOLATIONS OF THE Plaintiffs, : FEDERAL SECURITIES LAWS : vs. : : BONLAT FINANCING CORPORATION, : CALISTO TANZI, FAUSTO TONNA, : COLONIALE SpA, CITIGROUP, INC., : BUCONERO LLC, MORGAN STANLEY & : CO., ZINI & ASSOCIATES, P.C., GIAN : PAOLO ZINI, DEUTSCHE BANK AG, : BANK OF AMERICA CORPORATION, : DELOITTE TOUCHE TOHMATSU, : DELOITTE & TOUCHE SpA, GRANT : THORNTON INTERNATIONAL, GRANT : THORNTON LLP and GRANT THORNTON : SpA, : : Defendants. : x DEMAND FOR JURY TRIAL Copyright © 2004 by William S. Lerach. William S. Lerach will vigorously defend all rights to this writing/publication. No copyright is claimed in the text of statutes, regulations, and any excerpts from analysts’ reports quoted within this work. All rights reserved – including the right to reproduce in whole or in part in any form. Any reproduction in any form by anyone of the material contained herein without the permission of William S. Lerach is prohibited. “Quis Custodiet Custodies?” “But Who Will Guard the Guards Themselves?” INTRODUCTION 1. This is a securities fraud class action on behalf of the purchasers of the debt and equity securities of Parmalat Finanziaria, SpA and its subsidiaries (collectively, “Parmalat” or the “Company”) between January 5, 1999 and December 29, 2003, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). 2. This action arises out of what the Securities and Exchange Commission (“SEC”) has termed one of the “largest and most brazen corporate financial frauds ever perpetrated.” According to the Chairman of the SEC, “Clearly there’s been a massive fraud.” Parmalat’s insiders, together with Parmalat’s legal, accounting and financial advisors and investment and commercial banks (collectively, the “Defendants”) participated in a massive scheme and fraudulent course of business whereby Defendants falsified and overstated Parmalat’s reported revenues, assets, profits and shareholder equity by billions of dollars while concealing billions of dollars of Parmalat’s debt, for well over a decade. Defendants’ fraudulent scheme was worldwide – involving the manipulation of Parmalat’s balance sheet and income statement via the creation of bogus bank accounts, forged and falsified financial records, fictitious or inflated investment assets and sham transactions, which artificially boosted Parmalat’s reported assets and income, while concealing billions of dollars of debt at all of the companies in the Parmalat group and all the related entities Parmalat controlled. 3. This fraud was accomplished, in part, through clandestinely controlled entities, including a Cayman Islands entity called Bonlat that the defendants created, structured, financed and used to do transactions with Parmalat to loot Parmalat for the benefit of Parmalat’s controlling shareholders (the Tanzi family) while inflating its profits and hiding debt, thus violating applicable - 1 - accounting principles and the principles of “fair presentation” of financial results. Some 20 persons have already been arrested, including virtually all of Parmalat’s top insiders, its principal lawyer and accountants and several members of the Tanzi family. Parmalat’s bankers are under intensive investigation by prosecutors and regulatory authorities. One of the prosecutors putting the criminal case together in Milan has stated that there was “a pattern of false statements made by Parmalat over several years which were picked up and amplified by banks as they marketed [Parmalat’s] shares and bonds. A banker knows that something is false, and the banker helps Parmalat with operations or transactions so that the financial community believes Parmalat is a good company. Instead, Parmalat is not a good company.” 4. Defendants’ scheme was designed to and did allow Defendants to participate in and benefit from the looting of Parmalat by which the controlling shareholders of Parmalat – the Tanzi family – diverted approximately $1 billion to themselves and/or to entities controlled by them – while other participants in the scheme also pocketed hundreds of millions of dollars via professional fees, clandestine asset transfers, and fees for structuring contrived and manipulative financial transactions, as well as fees from securities issuance transactions which enabled Parmalat to illegally raise more than $7 billion from investors to keep the scheme afloat for the Defendants’ benefit and enrichment. 5. Defendants’ scheme began to unravel in late 2003. During the Class Period, Defendants had represented that Parmalat was achieving business success, had successfully expanded its business in 1999-2002 and was successfully integrating several acquired businesses into its operations, had strong internal controls that would prevent fraudulent misconduct inside the Company and was achieving strong operating profits, was controlling its debt level (in part by repurchasing some $2 billion of its outstanding debt during 2003) and thus had billions of dollars of - 2 - safe liquid assets and a balance sheet supporting billions of dollars of shareholders’ equity. These representations were false. In fact, it has come out that: x Almost 40% of Parmalat’s entire asset base, cash or liquid assets – a $3-$4 billion account purportedly held in Bank of America – did not exist; x The $625 million of Parmalat’s cash purportedly invested in a liquid investment fund in the Cayman Islands (“Epicurum”) could not be retrieved; x Parmalat had not repurchased any of its outstanding bonds, let alone $2 billion of them in 2003; x Parmalat could not pay its debts and was insolvent with only “nil” liquid assets and declared bankruptcy; x Defendants had manipulated Parmalat’s income statements and balance sheet for more than a decade by using off-shore shell companies, special purpose entities (“SPEs”), forged documents and sham transactions; x Parmalat’s actual net debt level was $16-$18 billion – eight times the previously reported levels – and billions of dollars of previously presented assets simply did not exist; x Parmalat had actually been losing €350-€450 million per year for several years; x Calisto Tanzi, Parmalat’s long-time Chairman and CEO, and all other top Parmalat officers had been ousted from the Company; x The Tanzi family had looted Parmalat of some $1 billion; and x Some 20 of Parmalat’s insiders, auditors and lawyers, including certain of the Defendants, had been arrested and taken into custody for the perpetration of this multi-billion dollar fraud. As Defendants’ fraud began to be revealed, in order to try to cover up the prior wrongdoing and scheme, certain Defendants destroyed evidence and/or ordered their subordinates to destroy evidence of their fraudulent scheme in an effort to evade liability for their participation in one of the most shocking corporate scandals ever to afflict the global public financial markets. As the revelations of Defendants’ misconduct unfolded, the price of Parmalat’s equity securities collapsed and became - 3 - worthless when trading was suspended on December 29, 2003, while the price of Parmalat’s debt securities collapsed as well, becoming essentially worthless. 6. Tanzi and Fausto Tonna (Parmalat’s long-time CFO) and other Parmalat insiders have now admitted to criminal investigators: (a) The alterations of the accounts and the shifting of money “involved all the companies of the [Parmalat] group and all the companies connected to the [Parmalat] group”; (b) Parmalat’s financial woes and manipulations had dragged on for many years – at least since 1984. “The need to cover up losses had always been felt.” Parmalat actually lost at least €350-€450 million per year from the mid-90s on; (c) Despite Parmalat’s true deteriorating financial situation and huge losses, Parmalat’s financial reports “always closed with a profit”; (d) The Bonlat subsidiary’s financial statements were “invented from top to bottom”; (e) Parmalat’s need to diminish the debts of Parmalat, making them weigh on companies like Bonlat, were satisfied with methods of little sophistication; (f) Grant Thornton “helped [Parmalat] set up Bonlat to enable ... Tanzi ... to embezzle funds” from Parmalat; (g) Grant Thornton helped “Parmalat ... invent financial details that made the financing devices and other strategies appear legitimate,” including “creating ad hoc contracts that would create overbillings and credits from operations that were completely or partly fictional”; and (h) “Grant Thornton well knew the reality [of the falsification] right from the beginning.” With Grant Thornton’s advice and help, Parmalat created and used “‘a system for - 4 - constructing false papers’ at the close of each business quarter.” They would “verify the critical points ..., and then insert the changes ... by progressive approximations until a final result was reached.” 7. While in custody, Tanzi has also admitted that he was aware of the fraudulent falsification of Parmalat’s financial statements and looting of its assets for his family’s benefit. Tonna has admitted to the massive falsification and embezzlement and stated that Parmalat’s lawyer, Gian Paolo Zini, was a “mastermind” of the scheme, while Parmalat’s accountants, Deloitte & Touche and Grant Thornton,
Load more

Recommended publications
  • Dopo Prodi, Bombe Al Presidente Bce E All'europol
    l'Unità + € 3,50 libro "Africartoon": tot. € 4,50 € € ARRETRATI EURO 2,00 anno 80 n.356 martedì 30 dicembre 2003 euro 1,00 l'Unità + 3,50 libro "Lotte di classe": tot. 4,50 www.unita.it SPEDIZ. IN ABBON. POST. 45\% l'Unità + € 4,50 vhs "Prendiamoci la vita": tot. € 5,50 ART. 2 COMMA 20/B LEGGE 662/96 – FILIALE DI ROMA l'Unità + € 2,20 rivista "No Limits": tot. € 3,20 «Il più grande errore degli investitori per le aziende perché egli stesso introdotto in Italia un clima in cui gli internazionali è stato quello di credere uomo d’affari. Berlusconi invece scandali societari sono più probabili». che Berlusconi sarebbe stato positivo con la sua politica e le sue leggi ha Financial Times, 29 dicembre Mediaset, Berlusconi Parmalat, un buco di 10 miliardi sempre più padrone È immensa la voragine di debiti che ha inghiottito l’impero del latte Consob comunica: il premier adesso ha il 51% Tanzi resta in carcere. I giudici: «È l’ideatore e l’istigatore della frode» Grazie a Tremonti riceve un maxisconto fiscale Dieci miliardi di euro, circa. Forse giudice delle indagini preliminari Collecchio anche di più. La voragine Parma- di Milano Guido Piffer, è che Cali- lat prende forma, anche se il com- sto Tanzi del buco «aveva perfetta missario straordinario Enrico conoscenza», «avendone istigato IMMAGINA CHE ITALIA I lavoratori: non fate Bondi che pure ha ammesso lo e poi avallato la realizzazione». stato di insolvenza non conferma: «Non si vede del resto - ha scritto Will Hutton* pagare il conto a noi «Stiamo lavorando, le cifre esatte ancora il gip - come avrebbe potu- saranno comunicate quanto pri- to essere altrimenti, considerata DALL’INVIATO Giampiero Rossi ma».
    [Show full text]
  • Repertorio Di Anagrammi Di Personaggi 2016
    Associazione Culturale “Biblioteca Enigmistica Italiana Giuseppe Panini” - Modena Repertorio degli anagrammi di personaggi noti (a cura di Pippo, Haunold e Nam ) settembre 2016 N.B.: questo repertorio non può in alcun modo considerarsi comprensivo di tutti gli anagrammi onomastici pubblicati Abbreviazioni pubblicazioni a- Adami, Lorenzoni, Anagrammi e giochi di parole, Oscar Mondadori, Milano 1990 b- Anacleto Bendazzi, Bizzarrie letterarie , Ravenna 1951 c- Pietro Bruno, Anagrammando gli uomini - nel nome il destino, Catania 1995 d- Michele Farano (Cantachiaro), Anagrammi…1983, 1984, 1985, A.Gr.Licenziato, Napoli 1985 e- Sandro Dorna, Anagramma è gioco tosto , Ed.Mastrogiacomo, Padova 1978 f- Mario Acunzo, Specchio deformante - L'anagramma politico in Italia, Roma 1979 g- Franco Gabici, Sulle rime del don , Ed.Essegi, Ravenna 1996 h- Peres, Angiolino, Di Giorgio, Mille giochi con le parole, Xenia Ed., Milano 1998 i- Carnevale, Rossi, Che cos'è l'enigmistica , Ed.Sansoni, Firenze 1980 l- Mario Musetti, Dizionario Enciclopedico dell'enigmistica, Ed.Mursia, Milano 1970 m- Mario Musetti, Invito all'enigmistica , Ed.Mursia, Milano 1987 n- La Mummia, Pettegoliere anagrammatico, Ed.Gribaudi, Torino 1979 o- Ennio Peres, Giochi di parole e con le parole, Ed. Elle Di Ci, Torino 1997 p- Tolosani, Rastrelli, Enimmistica , Ed.Hoepli, Milano 1938 q- Peres, Serafini, Parole numeri logica e fantasia , ed.L'ED, Roma 1990 r- Francipane, Io cruciverbo, e tu? s- Dizionario del calcio, Baldini & Castoldi, 2000 u- riv. Cortocircuito, a.1 n.1 ott. 2007 v- Stefano
    [Show full text]
  • M3 0010.Frontespizio.Indd 1 03/04/13 15:37
    M3_0010.frontespizio.indd 1 03/04/13 15:37 M3_0010.frontespizio.indd 2 03/04/13 15:37 M3_0010.frontespizio.indd 3 03/04/13 15:37 © 2013 RCS Libri S.p.A., Milan All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior consent of the publisher. Special Edition printed for Barilla G. e R. Fratelli S.p.A. Translation by Aaron Maines Images courtesy © Barilla Historical Archives The publisher has made every effort to locate and contact all the holders of copyright to material reproduced in this book. The publisher remains available to address any rights that have not been fully identified. M3_0020.copy_PS.indd 4 03/04/13 15:37 M3_0030.occhiello.indd 5 03/04/13 15:38 M3_0030.occhiello.indd 6 03/04/13 15:38 For my friend Pietro. Francesco Alberoni M3_0040.dedica.indd 7 03/04/13 15:38 M3_0040.dedica.indd 8 03/04/13 15:38 INTRODUction I first met Pietro Barilla in the 1970s, worked as his consultant throughout his life, and was with him during his final days. When his children Guido, Luca, Paolo and Emanuela asked me to write their father’s biography, I thought it over for a long time. A biog- raphy is usually the work of a historian, someone who tells the sto- ry of a famous person’s life by rebuilding it as precisely as possi- ble, making the subject seem as close as possible, present in such a way that whoever reads the biography feels like a participant in his or her life.
    [Show full text]
  • Cocaina,Nonsolovip:Il
    Quotidiano fondato da Antonio Gramsci il 12 febbraio 1924 Anno 82 n. 266 - mercoledì 28 settembre 2005 - Euro 1,00 www.unita.it Scambio di coppie padane. neosottosegretario agli Interni della Camera Ballaman arruolò nel «Ognuno ha assunto in ufficio, a Maurizio Balocchi prese come suo ufficio a Montecitorio la nuova spese dello Stato, la moglie collaboratrice la signora Ballaman. compagna di Balocchi» dell’altro. A metà giugno il La stessa settimana il neoquestore Gian Antonio Stella, Corriere della Sera, 27 settembre Commenti Giorgina Arian Levi Legge truffa, colpo di mano alla Camera METTI UNA SERA A TORINO FURIO COLOMBO omenica scorsa la Comunità D Ebraica di Torino e tanti tori- L’Unione esce dall’aula: sopraffazione nesi (a cominciare dal sindaco Chiamparino), sono venuti a fare gli auguri a Giorgina Arian Levi, AVANTI A OLTRANZA La maggioranza è decisa a chiudere la parti- che ha compiuto 95 anni. C’era qualcosa di sorprendente in ta della legge elettorale con un subemendamento che rende ancora quella celebrazione. E c’era qual- cosa di insolito. Così insolito che più confuso e strumentale il testo e che non ammette modifiche. Oltre se l’evento fosse stato filmato, avreste detto che il regista ha be- a soglie di sbarramento differenziate e a premi di maggioranza che nevolmente alterato una realtà che non esiste. scattano solo se uno schieramento vince di misura, si prevede l’indi- Sorprendente, e degno di essere ricordato sulla prima pagina di un cazione del premier sulla scheda. L’opposizione denuncia la sopraffa- quotidiano (sarebbe stato bello se La Stampa lo avesse fatto), è il li- zione e abbandona l’aula.
    [Show full text]
  • From Whipped Cream to Multibillion Euro Financial Collapse: the European Regulation on Transnational Insolvency in Action
    From Whipped Cream to Multibillion Euro Financial Collapse: The European Regulation on Transnational Insolvency in Action By Matteo M. Winkler* t "EIGHT BILLION, 1 1 BILLION, 14 BILLION-IT'S ALL THE SAME." I. IN TRODUCTION .....................................................................................352 II. THE EUROFOOD CONTROVERSY ...........................................................355 III. THE EUROPEAN REGULATION ON TRANSNATIONAL INSOLVENCY ........357 A. The Problem of Transnational Insolvency ...................................357 B. A Focus on the European Regulation ...........................................360 IV. EUROFOOD AND THE EUROPEAN COURT OF JUSTICE ............................363 V . CONSTRUCTIVE CRITICISM ...................................................................366 A. Right Question, Wrong Answer? .................................................366 B. Is the EC Regulation Actually Working? .....................................367 V I. C ONCLU SION S .......................................................................................370 I. INTRODUCTION This Article explores a particular aspect of the biggest bankruptcy in his- tory involving the Italian corporation Parmalat S.p.A. ("Parmalat"). This multi- . Visiting Scholar, Uppsala Law School 2007; Ph.D. 2007, Commercial University Luigi Bocconi, Milan; LL.M. 2007, Yale Law School; Visiting Researcher 2005, Yale Law School; Attorney-at- Law, Milan. Email: [email protected]. I am grateful to my parents, for their constant understanding
    [Show full text]
  • Documento Che Successivamente Si Rivelò Falso
    UNIVERSITÀ DEGLI STUDI DI PADOVA DIPARTIMENTO DI SCIENZE ECONOMICHE E AZIENDALI “M. FANNO” CORSO DI LAUREA MAGISTRALE in ECONOMICS AND FINANCE Curriculum Banking And Finance TESI DI LAUREA “L'ACQUISTO DI PARTECIPAZIONI DA PARTI CORRELATE: IL CASO PARMALAT - LACTALIS” RELATORE: Ch.mo Prof. Fabio Buttignon LAUREANDO/A: Michela Varesco Matricola n. 1058106 Anno Accademico 2013/2014 2 L'acquisto di partecipazioni da Parti Correlate: il Caso Parmalat - Lactalis Varesco Michela a.a. 2013/2014 L'acquisto di partecipazioni da Parti Correlate: il Caso Parmalat - Lactalis 3 Ringraziamenti Padova, ottobre 2014 Desidero rivolgere innanzitutto un sentito ringraziamento al Prof. Fabio Buttignon, per i suoi preziosi consigli e per il suo costante supporto durante l'intero percorso di stesura della mia tesi di laurea; è stato un lavoro impegnativo, che mi ha permesso di approfondire ed applica- re ad un caso reale diverse conoscenze acquisite durante il mio percorso universitario. L'ana- lisi del caso Parmalat – Lactalis si è rivelata ricca di numerose sfaccettature, che hanno reso ancora più interessante la mia ricerca. Vorrei rivolgere un ringraziamento speciale alla mia famiglia: senza il vostro aiuto e il vostro appoggio, sempre presenti, non sarei mai riuscita a raggiungere questo traguardo. Grazie di cuore. Un pensiero particolare va ad Eveline, cara amica, coinquilina e compagna di studio. Grazie anche ad Arianna e Michela, con cui ho condiviso questo percorso universitario, e a tutti i miei compagni di corso. Ringrazio infine le mie amiche Carlotta, Ellis, Jessica, Mara, e Michela: le serate passate con voi sono sempre una ricarica di energia… grazie!! Varesco Michela a.a.
    [Show full text]
  • «Sono Io» 7 Marzo 2015|Numero8settimanale € 2,00|84Pagine Bando Di Concorso Dell’Associazione Luca Coscioni
    Settimanale left avvenimenti 5 0 0 0 7 PoSte italiane SPa SPed. abb. PoSt. d.l. 353/2003 (conv. in l. 27/02/2004 n. 46) art. 1, comma 1 dcb 9 771594 123000 roma anno xxvi - issn 1594-123x Berlusconi lo diceva. Renzi lofa lodiceva.Renzi Berlusconi Art. 18, Italicum eGiustizia. Art. 18,Italicum di GiulioCavalli,GiorgiaFurlan,LucaSappino «SONO IO» 7 MARZO 2015|NUMERO8SETTIMANALE7 MARZO € 2,00 |84PAGINE BANDO DI CONCORSO DELL’ASSOCIAZIONE LUCA COSCIONI BORSA DI STUDIO LIBERTÀ DI RICERCA E DEMOCRAZIA Art. 1 L’Associazione Luca Coscioni per la mente indicati nome, cognome, indirizzo, una graduatoria degli idonei. Il giudizio Libertà di Ricerca Scientifica bandisce un codice fiscale, recapito telefonico, indirizzo della commissione è insindacabile. concorso per l’assegnazione di una borsa di posta elettronica del candidato, data e Art. 7 Al vincitore sarà data comunicazio- di studio per ricerche su “il rapporto tra li- luogo di conseguimento del diploma di ne del conferimento della borsa di studio bertà della ricerca scientifica e democrazia”. laurea ed eventualmente del diploma di a mezzo posta elettronica e telegramma. Art. 2 La borsa sarà assegnata, mediante dottore di ricerca o titolo equipollente, Entro il termine perentorio di dieci giorni concorso per titoli, a cittadini italiani e conseguito in Italia o all’estero, entro la dalla data di ricevimento della comunica- stranieri in possesso del titolo di laurea; data di scadenza del termine ultimo per la zione l’assegnatario dovrà far pervenire alla sarà valutato prioritariamente il titolo di presentazione delle domande di ammis- Associazione Luca Coscioni una dichiara- dottore di ricerca, soprattutto se conse- sione; 2) curriculum vitae et studiorum; 3) zione di accettazione della borsa di studio guito con tesi di dottorato attinente alle progetto di ricerca che il candidato intende senza riserve alle condizioni indicate tematiche della borsa.
    [Show full text]
  • To Corporate Fraud
    When rationality fails: Making sense of the ‘slippery slope’ to corporate fraud Paolo Campana Institute of Criminology, University of Cambridge, United Kingdom Corresponding address Institute of Criminology, University of Cambridge Sidgwick Avenue, Cambridge CB3 9DA, United Kingdom Email: [email protected] Phone: +44 1223 767375 Version submitted for publication in Theoretical Criminology Accepted on 22.09.2015 1 When rationality fails: Making sense of the ‘slippery slope’ to corporate fraud Abstract Management fraud is often explained through wealth-maximisation paradigms. This paper invokes a different approach, namely a behavioural one, and argues that fraud may happen as a consequence of failures in the decision-making process. Relying on extensive evidence in the case of Parmalat, it maintains that this fraud was not brought about by the desire of the CEO, chairman and founder to maximise his economic goals, but was rather a consequence of his failure to produce an objective description of reality. This was induced by a number of behavioural mechanisms such as self-deception, managerial hubris, emotions and the ‘endowment effect’. This paper also contributes to a broader debate on the rationality of economic actors and its limits, and sheds light on the seeds of potential crises contained within genuine Schumpeterian entrepreneurs. Keywords: management fraud, rationality failures, self-deception, overconfidence, emotions, behavioural law and economics. Acknowledgements I am most grateful to Federico Varese for his extremely helpful comments on earlier versions of this paper, and to the Editors and the Referees for their very insightful comments. This work has also greatly benefitted from comments by Rupert Younger, Rowena Olegario, Mark Hughes-Morgan, Julian Roberts and Peter Reuter.
    [Show full text]
  • Annual Report
    ANNUAL REPORT 2008 ANNUAL REPORT 2008 Banco Popolare Società Cooperativa Registered and Head offices: Piazza Nogara, 2 - 37121 Verona Share capital as at 31 December 2008: euro 2,305,734,627.60 fully paid Tax code, VAT no. and enrollment no. in the Verona Enterprise Registry: 03700430238 Member of the Interbank Fund for Deposit Protection and of the National Guarantee Fund Parent company of the Banking Group Banco Popolare Registered in the Banking Groups Registry 2 CORPORATE BOARDS, MANAGEMENT AND AUDITING COMPANY AS AT 31 DECEMBER 2008 Supervisory Board Chairman Carlo Fratta Pasini Deputy Vice Chairman Dino Piero Giarda Vice Chairman Maurizio Comoli (*) Directors Marco Boroli (*) Giuliano Buffelli (*) Guido Duccio Castellotti Costantino Coccoli (*) Pietro Manzonetto (*) Maurizio Marino (*) Mario Minoja (*) Gian Luca Rana (*) Claudio Rangoni Machiavelli (*) Fabio Ravanelli (*) Alfonso Sonato (*) Angelo Squintani (*) (*) Independent directors under art. 6 of the Corporate Governance Code adopted by Banco Popolare Management Board Chairman Vittorio Coda Chief Executive Officer with Vice-Chairman functions Pier Francesco Saviotti (I) Directors Franco Baronio Alfredo Cariello Luigi Corsi (II) Domenico De Angelis Maurizio Di Maio Enrico Fagioli Marzocchi (III) Maurizio Faroni Massimo Alfonso Minolfi Roberto Romanin Jacur (II) Andrea Sironi (II) (IV) (I) Mr. Pier Francesco Saviotti was appointed on 7th December, to replace the resigning CEO, Mr. Fabio Innocenzi (II) Independent directors under art. 6 of the Corporate Governance code adopted
    [Show full text]
  • SEC Complaint in This Matter
    UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK : SECURITIES AND EXCHANGE COMMISSION, : : Plaintiff, : : 03 CV 10266 (PKC) v. : : FIRST AMENDED COMPLAINT PARMALAT FINANZIARIA S.p.A., : : Defendant. : : Plaintiff Securities and Exchange Commission (the “Commission”) alleges as follows: SUMMARY OF ALLEGATIONS 1. From at least 1997 through December 2003, defendant Parmalat Finanziaria S.p.A. (“Parmalat Finanziaria” or the “company”) engaged in one of the largest financial frauds in history. Acting through certain of its directors and top managers, including former Chairman and Chief Executive Officer Calisto Tanzi and his son Stefano Tanzi, also a senior executive, Parmalat Finanziaria offered and sold more than one billion ($1,000,000,000) dollars in debt securities in the United States based on financial statements that were grossly and intentionally misstated as well as false representations by management concerning the company’s financial soundness. As Parmalat Finanziaria first acknowledged in a press release dated December 19, 2003, the assets in its 2002 audited financial statements were overstated by at least 3.95 billion Euros (“€”) ($4.9 billion)1. Moreover, during 2003 Parmalat falsely stated to prospective bond investors that it had used its excess cash balances—which in reality did not exist—to repurchase corporate debt securities worth €2.9 billion ($3.6 billion), when in fact it had not repurchased 1 All conversions of amounts stated in Euros or Italian Lira to U.S. Dollars are approximate and based on the most appropriate conversion tables in effect at the relevant period. those debt obligations and they remained outstanding. Subsequent investigation by Parmalat Finanziaria has revealed that the picture was even grimmer.
    [Show full text]
  • Epic, Enron-Style Fraud Brought Calisto Tanzi, the Founder of International
    alisto Tanzi had it all. His Italian his old friend, Parma’s Mayor Ubaldi, was soon food empire Parmalat had made calling him a Jekyll and Hyde. the former cheese and sausage Tanzi did sponsor the restoration of Parma’s shop owner immensely wealthy. 11th century basilica and gave $30,000 to Yet his image was that of a restore the church organ. Reportedly, he also rather pious family man. The Tanzis were financed programmes for AIDS patients, drug Cundoubtedly Parma’s uncrowned royal fam- addicts and the poor. Just how much his lar- ily, but they happily rejected the glitzier gesse really cost him isn’t clear. lives enjoyed by many of their peers. They The Parmalat scandal came at a time when didn’t share the social cachet of Italy’s more Italy’s billionaire media-mogul Prime Minister, glamorous clans like the Agnellis of Fiat Silvio Berlusconi changed legislation to reduce and the Barillas of Barilla pasta, never mind rather than increase the penalties for fake Donatella Versace. They were so understated accounting, only furthering the image of Italy as that they weren’t in the gossip columnists’ having a rigged economy. sights. Not until December 2003. Yet friends, colleagues and workers alike That’s when Calisto Tanzi was arrested, reeled when Tanzi was carted away in handcuffs. accused of siphoning perhaps billions of US During his brief stay behind bars, a lawyer called dollars from Parmalat to family-owned sub- him “a broken man” and he reportedly alter- sidiaries, causing shareholders to lose their nated between weeping and wailing over having savings, and jeopardizing around 36,000 jobs lost everything and getting down on his knees to worldwide.
    [Show full text]
  • “COLORI NELLA STORIA” LE MAGLIE DELLE SQUADRE DI CALCIO Di Pietro Stefanini
    “COLORI NELLA STORIA” LE MAGLIE DELLE SQUADRE DI CALCIO di Pietro Stefanini Il colore ha affiancato il mondo sportivo da molto tempo e ha definito generazioni di tifoserie, unendo persone di diverse nazioni, età e tradizioni. In un anno di "Colori nella Storia", Uisp & Dintorni ha voluto raccogliere un po’ di colori e un po’ di storia, regalandovi un piccolo arcobaleno fatto di calcio e costume. Qui abbiamo raccolto tutti gli articoli, sperando di rendere la vostra estate ancor più colorata! Buona lettura! Il calcio è lo sport più popolare non solo in Italia ma ormai in quasi tutti i paesi del mondo e proprio l'aggettivo “popolare” accostato ad una disciplina così famosa e praticata ma anche così al centro di interessi economici e di marketing, di trame di potere e di giochi di scommesse e di chissà quante altre cose ancora, ci fa chiedere oggi che significato ha questo termine. Dove si può trovare la passione verso un'attività che a volte sembra preconfezionata, dove i suoi attori devono recitare parti già scritte per compiacere al business nato attorno a loro? Oppure nei tanti campi ufficiali o di fortuna sparsi ovunque in ogni continente, quella palla che rotola riesce ancora a catalizzare la voglia di divertirsi, di stare in compagnia, di praticare uno sport accessibile a tanti e provocare sentimenti ed emozioni genuine? Non è facile rispondere forse è impossibile ma proprio come un prisma che presenta mille sfaccettature e da tutti vuole essere scrutato, il calcio viene interpretato da ognuno come vuole. Noi abbiamo pensato di andare alle origini dell'attività di alcune squadre di calcio, là dove c'era solo passione e voglia di fare un qualcosa di nuovo e diverso; ci è sembrato bello osservare come sono nati e quali sono state le vicende che hanno generato alcuni famosi club di calcio perchè ci ha incuriosito scovare e capire le circostanze che hanno permesso l'aggregazione attorno ad una bandiera e ad una maglia di persone che hanno fatto la storia di questo sport.
    [Show full text]