Financial Times: Parmalat takes the offensive
By Paul Betts
Published: August 3 2004 04:00 | Last updated: August 3 2004 04:00
The Parmalat affair confirms the old saying there are two ways to be wealthy – owning lots of money or, alternatively, lots of debt. In terms of the latter, Enrico Bondi can consider himself a very rich man. The Italian company’s government appointed administrator seems to have made good use of his overdraft.
While Shell is paying $120m to the US Securities and Exchange Commission to settle investigations into its reserves scandal, Parmalat is getting away without paying a dime for one of the biggest frauds in corporate history.
When the scandal broke, the SEC rushed 14 investigators backed by the FBI to Italy. Yet instead of asking for its usual pound of flesh (or rather slice of cash), it has heeded Mr Bondi’s appeals to avoid further penalising creditors by imposing a fine Parmalat was in no position to pay.
That cleared the way for Mr Bondi to take the offensive against banks accused of aiding the giant fraud. Within hours of the SEC settlement, he sued Citigroup and is considering action against the likes of Deutsche Bank, UBS and Bank of America.
Mr Bondi still needs to secure the approval of creditors – including the banks he is targeting – for his salvage plan involving, among other things, debt-to-equity conversion. By becoming shareholders, the banks might well have thought to hold the ultimate weapon to block legal action.
They should think again. Under the SEC settlement, Parmalat pledged improved governance including a rule preventing major shareholders or board members blocking any legal action they may face.
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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