In December 2003, the company admitted it had 3.95 billion euros of missing funds when its bank, Bank of America, found a document showing Parmalat's unit in the Cayman Islands was holding the money was false. Its main chairman and CEO, Calisto Tanzi, who also founded the company in 1963, has since been arrested and charged with financial fraud and money laundering.
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See also: List of companies List of Italian companies