Parmalat’s accounting own goal
Investors ditched Parmalat paper after auditors raised question marks over the Italian dairy giant’s investment in offshore mutual fund Epicurum. S&P has now placed Parmalat on review for downgrade
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
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