EssilorLuxottica victim of huge internal fraud in Thailand


EssilorLuxottica victim of huge internal fraud in Thailand

The world giant of glasses and optical glasses EssilorLuxottica announced Monday December 30th to have recently discovered a financial fraud within one of its factories in Thailand.

The world number one in optical glasses and lenses, EssilorLuxottica, announced Monday December 30 that it had recently discovered financial fraud in one of its factories in Thailand.

The company has lodged a complaint in Thailand as well as in several other jurisdictions and indicates in a press release that it “mobilized all internal and external resources to put an immediate end to these fraudulent activities and to implement palliative actions. The company also diligently exhaustive investigations and takes all possible measures to try to recover the embezzled funds in order to reduce the impact on the group, “she said.

190 million euros

EssilorLuxottica that “the employees identified to date as implicated in these fraudulent activities have been dismissed”. It announces additional internal controls at global level in order to strengthen existing security measures.

The financial impact of this fraud, “estimated at a maximum of 190 million euros before insurance, legal actions in progress and expected recoveries of additional funds currently blocked in various bank accounts”, will be recognized in operating profit 2019.