Connect with us

EssilorLuxottica reports €190M fraud in Thailand

The financial impact is estimated to be of a maximum of Euro 190 million before insurance, pending legal actions

Boris Sullivan

Published

on

EssilorLuxottica announces that its subsidiary Essilor International recently discovered fraudulent fund transfers in one of its plants in Thailand.

Essilor International filed complaints in Thailand and in other jurisdictions and mobilized all available internal and external resources to put an immediate end to these fraudulent activities and implement remedial actions.

It is also carrying out comprehensive investigations and is taking all possible actions to seek to recover the misappropriated funds in order to mitigate the impact on the Group.

The employees known to date to be associated with these fraudulent activities have been terminated. Additional internal controls have been put in place at Essilor International worldwide in order to strengthen existing security processes.

EssilorLuxottica Press RELEASE

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.

Comments

Tourism

Will Thailand’s plan for quarantine-free tourism set a global trend?

According to the Tourism Authority of Thailand, the quarantine-exemption measures implemented in Phuket will be extended to five other key tourism destinations – Krabi, Phang Nga, Surat Thani (Ko Samui), Chonburi (Pattaya) and Chiang Mai – from October 1.

Oxford Business Group

Published

on

As part of plans to stimulate a rebound in tourism, some countries have moved to waive compulsory quarantine for international travellers who have received a coronavirus vaccine.

Loading...
(more…)

Continue Reading

Business

Thailand Approves Latest Economic Relief Package for Businesses

Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.

Avatar

Published

on

On March 23, 2021, Thailand’s government approved its latest economic relief package, valued at 350 billion baht (US$11.2 billion), to support businesses in the country.

Loading...
(more…)

Continue Reading

Environment

Southeast Asia remains a hot spot for plastic pollution

The use of plastics is deeply embedded in our daily lives, in everything from grocery bags and cutlery to water bottles and sandwich wrap. But the quest for convenience has gone too far and we are failing to use plastics efficiently, wasting valuable resources and harming the environment.

Victoria Kwakwa

Published

on

Southeast Asia has emerged as a hot spot for plastic pollution because of rapid urbanization and a rising middle class , whose consumption of plastic products and packaging is growing due to their convenience and versatility.

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,958 other subscribers

Latest

Trending