Parmalat’s accounting own goal



Concerns over Italian dairy giant Parmalat’s accounting practices rattled investors in November. Parmalat’s liquidity position is cloudy after auditors queried aspects of its first-half results. A senior resignation and a looming downgrade to junk have not helped to quell investor anxiety.

The trouble began when auditors Deloitte & Touche declared that it could give “no opinion” on Parmalat’s first-half results, because of Parmalat’s €500 million investment in offshore mutual fund Epicurum. The

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