Calisto Tanzi, Parmalat founder convicted over huge 2003 bankruptcy, dies at 83

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Reuters

By Philip Pullella ROME (Reuters) – Businessman Calisto Tanzi, who transformed a small family milk company into the multi-national food powerhouse Parmalat only to see it collapse in one of Italy’s biggest fraudulent bankruptcies, died on Saturday, aged 83. Tanzi died of pneumonia in a hospital in Parma, the city in central Italy where he had made his fortune, his family said. Parmalat collapsed in 2003 when a 14 billion euro hole was uncovered in its balance sheet, wiping out the savings of thousands of small investors in a bankruptcy that also reverberated across the worlds of banking, sport…

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