The Italian job

The Italian job

Parmalat : Europe's biggest corporate scandal
"While the farmers were milking their cows, Mr Tanzi, founder of Parmalat, was milking the Italians," complains one farm worker bitterly. Thousands of jobs are now on the line as investigators struggled to trace Parmalat's missing billions. 

"While the farmers were milking their cows, Mr Tanzi, founder of Parmalat, was milking the Italians," complains one farm worker bitterly. Thousands of jobs are now on the line as investigators struggle to trace Parmalat's missing billions. Gianfranco Bocchi, Parmalat's chief accountant, is thought to have been responsible for falsifying the accounts. His wife Ilaria believes he was forced to go along with his bosses' plans: "I think he was asked to do certain things and out of loyalty and thought he would do it to save the company," she says. "I don't think his intention was to defraud." However this comes as scant consolation to betrayed investors. Lawyer Carlo Zauli believes that Parmalat's executives were aided by some of the world's biggest banks.He claims to have tracked down some of Parmalat's missing billions to an offshore Bank of America account.

However this comes as scant consolation to betrayed investors. And as prosecutors probe Parmalat's affairs, the role other companies played in its collapse can only come under closer scrutiny.

Reporter Jonathan Miller
Assistant Producer Alessandra Maggiorani
Camera Bruno Sorrentino