Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment

Read more

FOCUS

Republicans block Obama's bid to hike minimum wage

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

WEB NEWS

Web users divided over Darren Wilson

Read more

WEB NEWS

Web users take on 'Ice Bucket Challenge' to fight ALS

Read more

ENCORE!

From Paris's Liberation to 'arresting' art in Avignon

Read more

INSIDE THE AMERICAS

Ferguson riots: Pressure mounts on Obama

Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Reporter’s IS captors taunted family, asked for €100m ransom

    Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Turkey’s Erdogan names foreign minister Davutoglu as next PM

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

Culture

Parmalat fraudster's secret art collection found by police

Text by News Wires

Latest update : 2009-12-06

Italian police found Saturday masterpieces worth several million euros in three houses belonging to Calisto Tanzi (pictured), the former boss of Parmalat, the Italian firm that collapsed in 2003. The collection included pieces by Gauguin and Picasso.

AFP - Italian police on Saturday seized a multi-million dollar art stash belonging to the fraudulent founder of Parmalat which was hidden before the dairy group's spectacular 2003 collapse, the ANSA news agency reported.
  
Police unearthed the paintings and drawings by 19th and 20th century artists such as Degas, Monet, Gauguin, Van Gogh and Picasso which had been hidden in cellars and attics at three addresses in and around the northern city of Parma.
  
The properties' residents said they were unaware the art was in their homes.
  
Police are looking for Stefano Strini, son-in-law of Parmalat's founder Calisto Tanzi, and another unidentified person for having hidden the art.
  
Strini had previously said the art disappeared before Parmalat went bankrupt.
  
Police made the discoveries after listening in on phone conversations discussing selling some of the 'disappeared' art, reportedly to Russian billionaires.
  
The phone taps revealed that one of the paintings, Monet's "Cliff Walk at Pourville", was about to be sold for 10 million euros (15 million dollars).
  
Parmalat founder Tanzi was sentenced in December 2008 to 10 years in prison over a 14-billion-euro fraud scandal in 2003 that led to Europe's largest corporate bankruptcy to date.
  
The 70-year-old turned a modest pasteurised milk company into a leading food manufacturer and symbol of Italy's post-World War II prosperity before its collapse.

Date created : 2009-12-05

COMMENT(S)