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Four Years After Parmalat Meltdown, Italy Still Waiting for Corporate Reforms
Four years ago, Parmalat's $18 billion meltdown was seen as a watershed moment in Italian business. Bruno Cova, who was appointed Parmalat's acting general counsel after the collapse, had to deal with 800 cases in 95 jurisdictions. The press called the implosion "Italy's Enron," and the scandal set off a public outcry for corporate reforms. But unlike the Enron Corp. aftermath in the United States, sweeping new laws such as the Sarbanes-Oxley Act of 2002 never materialized in Italy.