Grant Thornton faces ?5bn claim from Parmalat
In a ?5bn claim, Parmalat accuses Grant Thornton for ‘looting’ the company
In a ?5bn claim, Parmalat accuses Grant Thornton for ‘looting’ the company
Grant
Thornton International faces a £5bn claim from food giant Parmalat which
accuses the firm of an ‘active role’ in ‘looting’ the company when its founder
and his chief financial officer attempted to conceal losses. Co-defendant
Deloitte, which took over the auditing of Parmalat’s main operation in 1999, has
already settled by paying £76m.
According to Financial Mail, Parmalat administrator Enrico Bondi
states in legal documents that the accountancy firm had an ‘active role’ in
‘looting’ the company. ‘Grant Thornton and Parmalat insiders hid losses and
diverted funds to themselves,’ the writ states.
Grant Thornton’s former Italian partners, Lorenzo Penca and Maurizio Bianchi,
are accused of being key players in the fraud. The Italian arm is no longer part
of the Grant Thornton ‘global alliance’ of partnerships and Grant Thiornton
International has claimed it can not be held responsible for the actions of its
Italian arm.
Parmalat alleges fake credit and loan notes were written and a web of fake
front companies created – many based in Grant Thornton offices around the world
and in some cases with its accountants acting as directors.
Further reading:
Professional indemnity: regulation -ready to take
risks
Grant Thornton SpA chairman goes over Parmalat
Read
story in the Financial Mail
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article