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.

About the author

Leave a Reply

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Chinese travellers name Thailand their ‘Recommended Travel Destination of the Year’

Thailand was the only outbound tourist destination receiving the award at the presentation ceremony in Shanghai. China is among the 63 approved countries and territories from where travellers can visit Thailand under quarantine-free entry requirements introduced on 1 November, 2021.

Thailand to further regulate payments in crypto-currencies

The three institutions intend to avert potential impacts on the country’s financial stability and economic system, the Bank of Thailand, the Securities and Exchange Commission and Ministry of Finance said in a joint statement.

Thailand to Revise “Test & Go” Country List Amid Omicron Spread

According to Dr Supakij Sirilak, director-general of the Department of Medical Sciences (DMS), 25% of arrivals who test positive for COVID-19 are now being found to be infected with the Omicron strain.