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Caribbean & Central America - 20 January 2004

CAYMAN ISLANDS: The Parmalat scandal

The Parmalat scandal, in which at least 10bn euros (US$12bn) seem to have been siphoned off from the Italian dairy company, has thrown a harsh spotlight on the Cayman Islands. The Parmalat unit at the centre of the scandal, Bonlat, is registered in the Cayman Islands. It was this company that claimed to have 4bn euros (US$5bn) in a bank account, but did not.

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