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Cover story - Slow and Painful Death.
(From Financial Director)
"I wish you and your families a slow and painful death." Fausto Tonna, the charming, long-serving former CFO of Parmalat, had few kind words for the assembled journalists as he entered the Italian public prosecutor's office to answer questions about his role in the collapse of the food and dairy business. Tonna had resigned in March 2003, just weeks after the company failed to place bonds worth up to EUR500m with investors, who questioned Parmalat's ability to repay its existing debt and were starting to become concerned about the group's accounts.
But in December 2003 the company missed a bond payment and Bank of America ...
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