BusinessCompany NewsParmalat haemorrhaging £300m a year

Parmalat haemorrhaging £300m a year

Parmalat was losing £300m each year from the 1990s onwards, reports claim.

Link: Parmalat special report

The scandal-ridden Italian dairy group’s chief financial officer, Fausto Tonno has revealed that the losses steadily accumulated over the past few years.

Tonno, who is in jail, revealed that the firm lost between £235m and £303m from the mid 1990s to 2001.

In total, the company lost almost £7.5bn over a 30-year period.

To hide the losses Parmalat invented false accounts, including billions of euros it claimed was held in what turned out to be a fictitious Bank of America account in New York.

Investigators believe the fraud began back in the 1970s.

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