Corporate Scandals - Parmalat

Investors become concerned about the group's accounts in March 2003 when the company failed to place bonds worth up to EUR 500m with investors. In December 2003 the company missed a bond payment it was disclosed that Bonlat, a Parmalat subsidiary in theCayman Islands, did not have accounts worth almost EUR4bn at Bank of America. A scanning machine had been used to forge BoA documents, which were then sent to auditors who certified the accounts. Cayman seems to provide a key link in the network

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