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por JCS » 14/1/2004 19:54

Parmalat used unauthorised D. Bank logo



FRANKFURT, Jan 14 (Reuters) - Italian food group used Deutsche Bank's logo without the bank's authorisation on a letter assuring credit ratings agency Standard & Poor's of its financial liquidity, a banking source said on Wednesday. "Parmalat had no permission to use the Deutsche Bank logo," the source told Reuters, adding that the logo had been used on a letter sent to S&P late last year.

No comment was immediately available from Parmalat on the matter.

A spokesman for Deutsche Bank declined to comment.

S&P placed Parmalat -- embroiled in a corporate scandal involving billions of euros missing from its accounts -- on CreditWatch with negative implications on November 11, citing "concerns about the quality of the group's accounts and how Parmalat invests its liquidity".

The ratings firm then said it would seek clarity about the accounting issues and reassurance as to how the group invested its liquidity.

It later cut its credit rating for Parmalat to "D", reflecting a default, and withdrew the rating, citing a missed payment on a put option.

In mid-December, Parmalat revealed a four-billion-euro hole in its accounts after a document certifying a bank account at a key subsidiary was found to have been falsified.

Copyright 2004, Reuters News Service"




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