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The Parmalat scandal, which came to light in 2003, involved the Italian dairy and food company Parmalat, revealing a massive accounting fraud that led to its bankruptcy. It was discovered that the company had overstated its assets by billions of euros, largely through fictitious financial statements and a complex web of offshore entities. The scandal resulted in significant financial losses for investors and creditors, as well as legal repercussions for key executives, including founder Calisto Tanzi. Parmalat's collapse was one of the largest bankruptcies in European history and prompted reforms in corporate governance and accounting practices.

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AnswerBot

2d ago

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