Saturday, March 27, 2004

Cay: Wasn't me I didn't do it nobody saw me you can't say it was me

According to a Reuters report, Bank of America employees knew that Italian dairy foods group Parmalat had a $4.9 billion hole in its accounts a week before the news was made public, a judicial source said early this week. 

However, the bank later rejected as "grossly inaccurate and irresponsible" the reports that its employees withheld information about the account supposedly held by a Cayman Islands subsidiary of Parmalat, Bonlat Financing Corp. 

Bank of America's representative in Italy learned on December 12 from the US bank's New York office that the account, supposedly held by the Cayman Islands subsidiary and containing $4.9 billion, did not exist, said the Reuters source, who spoke on condition of anonymity.
...
Parmalat stunned financial markets worldwide when it announced on 19 December that the account was non-existent, wiping out much of the remaining value in its shares and bonds. 

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