The Parmalat Scandal Report : Parmalat

The Libor Scandal began in the year of 2012. In 2003, a major outbreak investigation started due to reliable banks being a prime source of manipulation of interest rate, affecting many in the benefit of

The Enron and WorldCom scandals were arguably the incidents that permanently changed the procedures for accounting controls. In response to these incidents, the Sarbanes-Oxley Act (SOX) of 2002 was passed. Once the knowledge of these scandals was made public, a number of subsequent accounting scandals were discovered in public companies such as Tyco International, HealthSouth, and American Insurance Group. In addition, a then-employee-owned company, Post, Buckley, Schuh & Jernigan, Inc. (dba PBS&J, now known as “Atkins North America, Inc.”), was also hit by a similar accounting scandal. Henceforth, a case study of PBS&J is presented where we will examine the fraudulent transactions that

In my opinion, there were several factors that lead to the Bell corruption scandal. First and foremost, there seemed to be no checks and balances to control Robert Rizzo and other city officials. Furthermore, they gradually eliminated any controls that were place were, eventually earning absolute control (Goffard, 2010, para. 46-47). This behavior extended to individuals as Rizzo built a city staff that would go along with his corruption (para. 39). However, I do think Rizzo influenced the unethical conduct of city officials. Just as Former HP CEO Carly Fiorina (2007) points out in the video Gauging Ethics in an Organization, leaders have to walk the walk when it comes to values. Prince (1995) highlights this principle as well, “the leader can influence the moral conduct of others by demonstrating the desired behavior” (p. 491). Indeed, the leader sets the tone. The city officials experienced a similar situation as the managers of H. J. Heinz during the 1970s. Rizzo created an unhealthy moral environment “where it does not make sense for a person to be honest, fair, loyal or trustworthy…[where]…doing what is morally right is more difficult than usual and sometimes requires great courage” (Ciulla, 1995, p. 493). Second, the local newspaper, The Industrial Post, went out of business leaving a void in government transparency and accountability. Third, the lack of citizen engagement resulting in poor turnout in elections and city council meetings made it easier

Nestle, an international recognized multinational corporation is the world’s leading nutrition, Health and Wellness Company. Nestlé’s mission of “Good Food, Good Life” aims at providing customers with the finest quality of nutritional choices within a wide range of food and beverage classifications (NESTLÉ - Vassos Eliades. (n.d.). Retrieved from http://www.vassoseliades.com/consumer-goods/nestle.html, para. 1). The merger in 1905 between Nestle and the Anglo-Swiss Milk Company created the Nestle we know today. Nestle is one of the world’s largest suppliers of food and nutritional products operating with 461 factories in 83 countries, with 328,000 employees worldwide (Fries, Lorin, Goldberg, Ray, 2012. Nestle: Agricultural Material

stood accused of in a series of scandals that nally came to a head in the largest bankruptcy

Pepsi started its journey in 1998.It was invented by a pharmacist named ‘Caleb bardham’. This brand is operating business in more than 200 countries.

Parmalat is a multinational Italian dairy food corporation that today represents one of the biggest fraud scandals that has marked history in Europe. What happened and why weren’t the scandalous activities detected beforehand? Parmalat’s investigation was triggered when it “defaulted on a $187 million bond payment in mid-November 2002.” This led to further revelation of the nonexistence of $4 billion worth of claimed bank deposits held by a subsidiary in the Cayman Islands in a Bank of America account. The company was basically falsifying accounts in order to increase assets and hide losses. The increase in assets would influence the public to believe that they were in a good position which in turn allowed

Pepsi –cola was started in the summer of 1898 in New Bern, North Carolina by Pharmacist Caleb Bradnham. PepsiCo Inc. started in 1965 with the merger of Pepsi-Cola and Frito-Lay. Since then, PepsiCo has continued to grow, adding new brands and product lines meeting the demands of the market. Throughout the years, they have strived and worked toward environmental sustainability. The ability to be financial stable gives PepsiCo the ability to give back and donate to those communities they are located in. PepsiCo’s mission to provide performance with purpose means delivering sustainable growth by investing in a healthier future for people and our planet. PepsiCo is continually increasing their triple bottom line.

Pepsi Co started in 1965 and became one of the world 's highest end user product businesses with a number of important and precious trademarks (Bongiorno, 1996, p 70).

This research paper will explore the fraud at Tyco and focus primarily on accounting and auditing issues related to the fraud. One thing worth noting about this case is that fraudulent financial reporting was not at the core of the fraud, which was the case with majority other big frauds at the time, such as Enron and Waste Management. On the contrary, fraud consisted of misappropriation of assets, and fraudulent financial reporting came as a consequence of trying to hide misappropriation of assets and the use of corporate money for personal benefit.

The objective of a firm confident with the strength and durability of its competitive advantage and internal resources is to export its business in markets where the potentiality of the benefits arising from the business strategy are not exploited fully or at all. A logical path of growth for a firm follows the Entrepreneurial, Organizational, Corporate, and International phase (Giarratana, 2016). Barilla definitely developed to the latter stage around the 1970’s, when Grace saw the opportunity of exploiting this potential final growth of the Italian group. The failure by the American management and ownership did not mean that the concepts were wrong. Actually, Pietro foresaw the opportunity of taking back Barilla and

Parmalat is an Italian based company, founded in 1961 by Calisto Tanzi. Their business model covered the new UHT (ultra-high temperature) production method of milk and dairy products. UHT milk was an upcoming technology from the Swedish firm Tetra Pak, making Parmalat an international player (Buchanan & Yang, 2005). Foreign acquisitions in the field of dairy products made Parmalat a multinational general food company (Ferrarini & Giudici, 2005). In the late 1980’s, Parmalat was Italy’s eighth largest food company and listed on the Italian Stock Exchange in Milan. During the nineties, the Parmalat Group followed a strategy to expand its reach through diverging into new markets like football and the tourism. Family started playing a more important role as Tanzi was placing relatives in important positions and boards of the holding. The Parma football club was acquired and Tanzi’s son Stefano became the club’s president while his daughter, Stefania, became the CEO of the tourism firm, Parmatour (Buchanan & Yang, 2005). By the end of 2002, the group was a world leader in the markets of milk, diary products and beverages and incorporated several well-known brands as Archway, Frica, Grisbi, Mother’s, Pomi and Welsh Farms. Parmalat's figures covered a consolidated turnover reached €7.6 billion in 2002, 36.000 employees and 146

Nestlé began with the merger, in 1905, of two rival milk companies, the Anglo-Swiss Condensed Milk Company (established 1866) and Société Farine Lactée, (established 1867) by Henri Nestlé (Nestle, 2015). Headquartered in Vevey, Switzerland, the new company’s growth was precipitous; mergers, global expansion and new products energised its progress. Within a few years of the start of the 20th Century it had manufacturing plants or warehousing facilities in several countries, including the United States, the UK, Australia, Singapore, Hong Kong, Bombay and Brazil (Bell and Shelman, 2009).

Pepsi Co started in 1965 and became one of the world 's highest end user product businesses with a number of important and precious trademarks (Bongiorno, 1996, p 70).

is a Swiss multinational dietary and wellbeing related shopper products organization headquartered in Vevey, Switzerland. It is the biggest nourishment organization on the planet measured by incomes. Nestlé's items incorporate infant nourishment, filtered water, breakfast oats, espresso, confectionary, dairy items, frozen yogurt, pet sustenance’s and snacks. Nestlé utilize around 330,000 individuals in more than 150 nations and have 461 manufacturing plants or operations in 86 nations. Nestlé deals for 2011 were nearly CHF 83.7 billion. It is one of the primary shareholders of L’Oréal, the world's biggest beautifying agent’s organization. Nestlé history starts in 1866, when the main European consolidated drain industrial facility was opened in Cham, Switzerland, by the Anglo-Swiss Condensed Milk Company. In Vevey, Switzerland, Nestlé organizer by Henri Nestlé, a German drug specialist, propelled his Farine lactee, a blend of dairy animals' drain, wheat flour and sugar, sparing the life of a neighbour’s youngster. Nourishment has been the foundation of the organization from that point onward. In 1905, The Anglo-Swiss Condensed Milk Company, established by Americans Charles and George Page, converged with Nestlé following a few decades as wild contenders to frame the Nestlé and Anglo-Swiss Milk Company. The organization became essentially amid the First World War and again taking after the Second World War, growing its offerings past its initial dense drain and