Parmalat auditors find 3.6 bln eur spent on non-commercial ops: report

0 Comments | AFP, January, 2004

MILAN (AFP) — The audit firm PriceWaterhouseCoopers has uncovered 3.6 billion euros of funds spent by Parmalat Finanziaria on operations "not linked to its commercial activities", the financial daily Il Sole 24 Ore reported.

The newspaper cited extracts of the PWC report being prepared by the auditors for Enrico Bondi, who was appointed as Parmalat's administrator after the Italian dairy giant collapsed in late December.

The report lists payments over 1997-2003, including 1.7 billion euros (2.14 billion dollars) in financial payments described as "not ordinary".

Recipients include five million euros on the personal account of ex-Parmalat chief Calisto Tanzi, 263 million euros to the Tanzi family-owned tourist firm Parmatour and 25 million to the law firm...