EssilorLuxottica announces a 6.3 billion baht fraud at a plant in Thailand

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EssilorLuxottica has reported a 213 million US$ (6.3 billion baht) fraud in on of its plants in Thailand. EssilorLuxottica is a French-Italian multinational corporation based in Paris with subsidiaries and manufacturers around the world. Essilor Luxottica, a global designer, manufacturer and distributor of ophthalmic lenses, frames and sunglasses, has announced that its subsidiary Essilor International recently discovered fraudulent fund transfers in one of its plants in Thailand. Elissor has plants in Bangkok and Chonburi.

Essilor International says it has filed complaints in Thailand and “mobilied all available internal and external resources to put an immediate end to these fraudulent activities and implement remedial actions.” The employees of Essilor International, already known to date to be associated with the fraudulent activities have been terminated. The company also says it is carrying out comprehensive investigations and is taking all possible actions to recover the misappropriated funds “in order to mitigate the impact on the Group”. The Board says that additional internal controls have been put in place at Essilor International worldwide in order to strengthen existing security processes.

ESSILORLUXOTTICA MEDIA ANNOUNCEMENT
“The financial impact is estimated to be of a maximum of Euro 190 million before insurance, pending legal actions and anticipated recovery of further funds currently frozen on various bank accounts. It will be recorded in the operating result of 2019 and will be treated as an adjusted item.

The Board of Directors of EssilorLuxottica is informed and will monitor closely the situation with the support of advisors; it will examine any further steps to be implemented for any such fraudulent activities not to recur.”

Managni Sarmah
Author: Managni Sarmah

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