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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

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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.

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Thailand’s English proficiency falls to “very low”

The report shows that Thailand fell to 74th out of 100 countries, a 10 points drop compared to 2018, with a score of 47.62 considered a “very low” competence.

Boris Sullivan

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English proficiency is not a strong point for Thais: their level is falling again for the third year in a row, according to the annual English Proficiency Index developed by EF Education First World Education Society.

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Thailand ranks 31st in WEF tourism competitiveness index

Seven of the subregion’s nine economies improved their T&T competitiveness since the last edition of the report.

Boris Sullivan

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Thailand ranked 31st in the tourism Competitiveness Index (TTCI) 2019, the country has South-East Asia’s largest T&T GDP, which is reinforced by some of Asia-Pacific’s most attractive natural resources (10th) and most efficient tourist services infrastructure (14th).

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Heavy rains hit southern Thailand

The Thai Meteorological Department on Sunday morning warned of heavy rain and strong winds in the southern and eastern provinces of Ranong, Phang-nga, Phuket, Krabi, Trang, Satun, Chanthaburi and Trat on Sunday and Monday.

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Thai authorities said yesterday that more than 205 houses were damaged in the southern province of Satun struck by torrential rain and storms.

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