Enrico Bondi, the new chief executive of Parmalat, has begun an investigation into the complicated finances of the troubled Italian food group.
Bondi, a turnaround expert brought in last week when Parmalat was struggling to pay off a €150m (US$185.0m) bond, was appointed CEO earlier this week, replacing founder Calisto Tanzi.
Parmalat eventually managed to repay the bond on Friday with help from Italian banks and the government. One of the reasons the company failed to pay the bond on time was believed to be that it was unable to collect almost €500m that it had invested in an offshore fund.
However, many investors are confused by the current financial troubles. In its financial report for the six months to the end of June, Parmalat said it had a cash pile of €867m and €2.5bn in short-term securities, reported the Guardian.
“Mr Bondi has only been in his post for less than 24 hours. Clearly the key thing is for him to understand the current state within the company at every level. That is what is being started now,” a Parmalat spokesman was quoted by the Guardian as saying.