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Article: Parmalat will look to shed foreign assets; reports claim company founder took bribes
- Article from:
- AP Worldstream
- Article date:
- January 12, 2004
- Author:
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TOM RACHMAN, Associated Press Writer
AP Worldstream
01-12-2004
Dateline: ROME
A restructuring team looking to save devastated food giant Parmalat will likely try to sell the company's international units to foreign buyers but hopes to keep the core domestic dairy business in Italian hands, a government minister said Monday.
Parmalat, Italy's eighth-largest company, entered bankruptcy protection last month after the company acknowledged to massive and long-concealed holes in its accounts. Investigators have arrested nine people alleged to have fraudulently concealed the company's true finances, including Parmalat founder Calisto Tanzi.
Amid the ever-expanding investigation, newspaper reports ...