Calisto Tanzi
Encyclopedia
Calisto Tanzi is an Italian
businessman notorious for embezzling
an estimated eight-hundred million euro
s from Italian company Parmalat
, founded by him, resulting in a great loss for the company. Tanzi was the founder of Parmalat and its CEO, at the time. Tanzi founded Parmalat in 1961, after dropping out of college. Parmalat collapsed in 2003 with a 14bn euro ($20bn; £13bn) hole in its accounts in what remains Europe
's biggest bankruptcy.
In 2008, Tanzi was convicted by a Milan
court to 10 years in prison for fraud, a sentence against which he appealed.
On December 9 2010, "a court in the northern city of Parma
– the headquarters of the company - found the multi-millionaire businessman guilty of fraudulent bankruptcy and criminal association. The 18-year jail sentence was a little less than the 20 years requested by prosecutors."
Sourced rumours reported on BBC Radio 4
Today programme in the morning of December 10 2010, would have Tanzi attempting to flee the country in order to avoid imprisonment.
Gerardo Laguardia, said that officials had acted quickly to seize the pictures after discovering that they had been offered for sale. The authorities said that Stefano Strini, Tanzi's son-in-law
was being investigated for allegedly handling the artwork.
in 1999. Both honours, however, were withdrawn on grounds of ‘indignity‘ in the wake of the Parmalat affair - yet before the final bankruptcy conviction - by President
Giorgio Napolitano
.
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
businessman notorious for embezzling
Embezzlement
Embezzlement is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted....
an estimated eight-hundred million euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
s from Italian company Parmalat
Parmalat
Parmalat SpA is a multinational Italian dairy and food corporation. Having become the leading global company in the production of ultra high temperature milk, the company collapsed in 2003 with a €14 billion hole in its accounts in what remains Europe's biggest bankruptcy...
, founded by him, resulting in a great loss for the company. Tanzi was the founder of Parmalat and its CEO, at the time. Tanzi founded Parmalat in 1961, after dropping out of college. Parmalat collapsed in 2003 with a 14bn euro ($20bn; £13bn) hole in its accounts in what remains Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
's biggest bankruptcy.
In 2008, Tanzi was convicted by a Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
court to 10 years in prison for fraud, a sentence against which he appealed.
On December 9 2010, "a court in the northern city of Parma
Parma
Parma is a city in the Italian region of Emilia-Romagna famous for its ham, its cheese, its architecture and the fine countryside around it. This is the home of the University of Parma, one of the oldest universities in the world....
– the headquarters of the company - found the multi-millionaire businessman guilty of fraudulent bankruptcy and criminal association. The 18-year jail sentence was a little less than the 20 years requested by prosecutors."
Sourced rumours reported on BBC Radio 4
BBC Radio 4
BBC Radio 4 is a British domestic radio station, operated and owned by the BBC, that broadcasts a wide variety of spoken-word programmes, including news, drama, comedy, science and history. It replaced the BBC Home Service in 1967. The station controller is currently Gwyneth Williams, and the...
Today programme in the morning of December 10 2010, would have Tanzi attempting to flee the country in order to avoid imprisonment.
Artwork seizure
In December 2009 the Italian authorities announced that they had seized nineteen works of art belonging to Tanzi which had been concealed at the houses of his friends, the works of art were said to be worth more than 100 million euros and included paintings and drawings by Picasso, Monet and Van Gogh. Tanzi had denied owning any hidden works of art. Parma ProsecutorProsecutor
The prosecutor is the chief legal representative of the prosecution in countries with either the common law adversarial system, or the civil law inquisitorial system...
Gerardo Laguardia, said that officials had acted quickly to seize the pictures after discovering that they had been offered for sale. The authorities said that Stefano Strini, Tanzi's son-in-law
Son-in-Law
Son-in-Law was a British Thoroughbred racehorse and an influential sire, especially for sport horses.The National Horseracing Museum says that Son-in-Law is "probably the best and most distinguished stayer this country has ever known." Described as "one of the principal influences for stamina in...
was being investigated for allegedly handling the artwork.
Honours
Tanzi was appointed Cavaliere del Lavoro in 1984 and Cavaliere di Gran Croce Ordine al Merito della Repubblica ItalianaOrder of Merit of the Italian Republic
The Order of Merit of the Italian Republic was founded as the senior order of knighthood by the second President of the Italian Republic, Luigi Einaudi in 1951...
in 1999. Both honours, however, were withdrawn on grounds of ‘indignity‘ in the wake of the Parmalat affair - yet before the final bankruptcy conviction - by President
President of the Italian Republic
The President of the Italian Republic is the head of state of Italy and, as such, is intended to represent national unity and guarantee that Italian politics comply with the Constitution. The president's term of office lasts for seven years....
Giorgio Napolitano
Giorgio Napolitano
Giorgio Napolitano is an Italian politician who has been the 11th President of Italy since 2006. A long-time member of the Italian Communist Party and later the Democrats of the Left, he served as President of the Chamber of Deputies from 1992 to 1994 and as Minister of the Interior from 1996 to...
.