PARMALAT SCANDAL
February 1st, 2004
BY KEITH NUTHALLTHE EUROPEAN Parliament has called for the creation of a single European Union (EU) authority for supervising cross-border financial supervision in Europe as a long-term response to the Parmalat scandal. MEPs made a number of recommendations after voicing their concern that "neither the supervisors nor the regulatory authority nor the auditors nor the rating agencies" had any idea that Parmalat funds were being embezzled. As a result, the parliament has called for EU legislation enhancing the individual responsibility of board members and ordering ...
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