BusinessBusiness RecoveryKroll to hunt for Parmalat assets

Kroll to hunt for Parmalat assets

Business recovery experts Kroll have been hired by Parmalat's administrator to track down and recover assets believed to be dispersed amongst its network of offshore companies.

Link: Parmalat special

Government-appointed administrator Enrico Bondi is hoping that Kroll will be able to track recover some of the money lost in the €14.5bn (£9.5bn) accounting hole discovered in December last year.

To date, just €50m has been recovered.

Although it is now known that Parmalat hid massive losses for more than thirty years, investigators believe millions of euros can still be tracked down in a web of bank accounts in the Cayman Island, Switzerland, Monaco, Liechtenstein, Malta and the US, the FT reported.

PricewaterhouseCoopers are going through the Parmalat accounts with the accounting equivalent of a fine tooth comb, as part of the inquiry into the scandal which has rocked Italy and the world.

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