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after the passsing of his father in 1961 calisto tanzi inherited the small family shop at the age of 22.
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parmalat has expanded its products from milk to dairy based food products and is now listed on the milan stock market.
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parmalat sets up off-shore subsidiary Bonlat in the Cayman Islands.
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parmalat is valued at more than 3.7bn euro's.
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chief financial officers are being hired and quitting all within a few weeks. bonds worth millions of euro's are missed and people are starting to question how parmalat will pay back its debts.
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calisto tanzi resigns from chairman and chief executive officer of parmalat and is replaced by mr.Bondi as parmalat goes into administration.
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the bank of america claims that document showing 3.9bn euros in offshore affiliate Bonlat's bank account is forged. this is the beginning of parmalats fraud investigation
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parmalats shares drop to there lowest price ever losing 97% of their value.
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calisto tanzi is arrested and taken into police custody.
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calisto tanzi confesses but says he did not order any cover up. he claims that the accountants of the company acted on their own accord.
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police take into custody 5 other former parmalat executives including the chief financial officers who were hired throughout the year.
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parmalat is under new managment is requesting bank loans to remain operational. throughout the year parmalat will regrow and rejoin the milan stock market.