Fed: Parmalat woes unlikely to leave Aust farmers out of pocket

AAP General News (Australia)
12-29-2003
Fed: Parmalat woes unlikely to leave Aust farmers out of pocket

The head of Australia's dairy farmers association believes the accounting scandal surrounding
Italian company Parmalat will not leave Queensland farmers out of pocket.

Parmalat, Italy's eighth-largest company, is believed to have debts of at least $A11.8
billion and as the financial scandal deepens there is talk of a possible fire sale of
its Australian dairy assets.

The company employs 36,000 people in 29 countries including Australia where its Brisbane-based
operation employs about 800 people.

Australian Dairy Farmers Association president ALLAN BURGESS has told ABC radio Parmalat
has assured Australian farmers they would continue to be paid for their milk.

The comments follow the arrest of Parmalat's founder CALISTO TANZI in northern Italy
as part of a criminal investigation into billions of missing euros at the insolvent Italian
food group.

AAP RTV sm/swe

KEYWORD: PARMALAT BURGESS (CANBERRA)

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