In 2003 the Italian dairy and food company Parmalat collapsed after investigators discovered a multibillion euro accounting fraud, including a bank account that had been falsely claimed to hold billions of euros in company cash. The scandal, sometimes described as Europe's Enron, led to the company's insolvency and to criminal proceedings against its founder Calisto Tanzi and other executives.
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Parmalat's 2003 collapse, after a purported four billion euro bank account was found not to exist, is Europe's largest bankruptcy caused by accounting fraud and is often called Europe's Enron.
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