Board-Ansicht
Mix-Ansicht- Lustig - wie das Publikum so ausgenommen wird - R.Deutsch, 22.07.2004, 12:17
Lustig - wie das Publikum so ausgenommen wird
-->The report also examined Citigroup Inc.'s role in helping
Parmalat raise more than 300 million euros through
securitizing receivables from the company's milk
distributors. Former Parmalat managers including
accountant Claudio Pessina have testified that many
of the receivables had been doubled billed, according
to documents obtained by Bloomberg.
Citigroup"was aware of the mechanism of double
billing" when it sold the securities to investors,
Chiaruttini's report says, citing a study of the sales
by the Bank of Italy on behalf of prosecutors.
Citigroup arranged the securitization based on what
it understood were legitimate invoices," said Dan
Noonan, a spokesman for the bank."It is absurd to
suggest that Citigroup was aware that false invoices
were involved and yet continued to arrange financing.
Citigroup was a victim of this fraud."
Between 1990 and 2003 Parmalat's debt jumped from
100 million euros to 14 billion euros, according to the
report. In the period the company only generated 900
million euros of cash flow at the operating level and
spent 3.8 billion euros servicing debt.
Enrico Bondi, Parmalat's government-appointed
administrator, is offering the company's creditors
shares and warrants in a new holding company to
cancel their debt and allow Parmalat to return to
the Italian Exchange.
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