The founder of Parmalat dies in Italy

Died this Saturday (1st), aged 83, the Italian Calisto Tanzi, founder of the company Parmalat.

ADVERTISING

You may be eligible for Portuguese citizenship.

Grandson or great-grandson? See if there's a viable path for your situation.

check now

The company was one of the largest in Italy until it went bankrupt in 2003, after a long legal process.

Tanzi was under house arrest following a conviction in 2010 of 17 years and five months in prison for fraudulent bankruptcy of the group.

Read also

Has Portugal closed its doors? Understand the new way to work in the country.

According to investigations, Parmalat's controller tried to hide his group's debts through false operations and the use of shell companies in tax havens.

The businessman also used his company's money in other areas, such as football. In addition to buying Parma, from Italy, sponsored Palmeiras in the 1990s, winning several important titles with the São Paulo club.

In a note on its website, the Parma mourned the death.

Parmalat became an internationally famous company with the invention of long-life packaging, using the UHT pasteurization method.

In the 1990s, it went public on the Milan Stock Exchange. The company is now part of the French group lactalis.