Readers may recall Europe’s largest bankruptcy, the collapse of Parmalat, back in 2003. The company fell apart when it was about $20 billion in the red.
Now, Parmalat’s founder, Calisto Tanzi, who was sentenced to prison for 10 years in 2008 for fraud, is charged to have hidden away art works including a drawing of a ballerina by Degas, a tree trunk by Van Gogh, a Picasso still life, and a self-portrait by Antonio Ligabue. European authorities believe that the works were about to be sold although the reasons for the sale were unclear.
More about the possible fraud can be found here: http://news.bbc.co.uk/2/hi/europe/8397144.stm