#4 Parmalat

Parmalat, a multinational Italian dairy and food corporation company, was founded in 1961. It was the leading company in Europe employing 15,000 people. But In 2003 the company was declared bankrupt and eventually it collapsed. The company had made several investment disasters and fake transactions and to hide these facts it performed the accounting fraud $ 20 billion. The company also had taken some debts which were not disclosed in the accounts books. And to pay off the debt liabilities, it had no funds and subsequently it became bankrupt.

Also Check Out: 10 Strategies Riches Practice to Avoid Taxes

#5 Enron Corporation

Enron Corporation is Texas based company founded in 1985.  It was one of the world’s leading natural gas, electricity, pulp and paper and Communications Company, employed 22,000 people.  In 2001, it lost its fame due to the accounting fraud which exposed the understatement of the company’s debt and inflation of its profits by more than $1 billion.

Also Check Out: Lowest Taxpaying Indian Companies