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February 12, 2004

BRAZIL: Parmalat Brasil president to make way for administrator

Ricardo Goncalves, president of Parmalat's Brazilian operations, is to submit his resignation this week following the appointment of an administrator to run the company.

Ricardo Goncalves, president of Parmalat’s main Brazilian operating unit, is to submit his resignation this week following the appointment of an administrator to run the company.

Parmalat Brasil Industria de Alimentos said a Sao Paulo judge had appointed Keyler Carvalho Rocha, a former director of Central Bank, to run the Brazilian subsidiary of troubled Italian food group Parmalat, reported Reuters.

Parmalat Brasil’s press office said Goncalves was informed of the appointment and plans to submit his resignation today [Thursday].

The Brazilian company has been struggling to avoid collapse since the emergence of a multibillion-euro accounting scandal at its Italian parent.

Brazil’s Central Bank said this week that it is investigating the illegal transfer of hundreds of millions of dollars by Parmalat to and from Brazil between 1997 and 1999.

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