Word: subsidies
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...fake invoices and charge costs and fees to make the "sales" look legitimate. Then Parmalat would write out a credit note for the amount the subsidiaries supposedly owed it, and take that to banks to raise money. To make the debt disappear, Parmalat transferred the liabilities to off-book subsidi-aries, also based in offshore havens. Bondi, the bankruptcy commissioner, says the system was a lethal brew. "In an attempt to hide its state of insolvency," he said in a report, Parmalat "entangled itself in gran-diose financial operations that were ever more costly." "OFFENSIVE AND RIDICULOUS...
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