EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€139.26 0.2  0.2%

Last Trade - 06/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.54bn
Enterprise Value £55.59bn
Revenue £12.46bn
Position in Universe 18th / 848

UPDATE 1-EssilorLuxottica discovers fraud at plant in Thailand

Mon 30th December, 2019 8:01am
(Adds share price reaction and detail)
    PARIS, Dec 30 (Reuters) - EssilorLuxottica  ESLX.PA  said it
had discovered fraudulent activity at a plant in Thailand, which
was expected to have a negative impact of 190 million euros
($213 million) on the spectacles company.
    EssilorLuxottica's shares fell by around 1 percent in early
session trading, following the announcement.
    The group, which was formed from the merger of French lens
maker Essilor and Italian eyewear group Luxottica, added that
the employees suspected of involvement in the Thai fraud case
had been sacked.
    "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," the company said.
    "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," it added in a statement.
    EssilorLuxottica added that the negative impact from the
Thailand fraud would be recorded in its 2019 operating results.
    ($1 = 0.8929 euros)

 (Reporting by Matthieu Protard;
Editing by Louise Heavens/Sudip Kar-Gupta)
 ((matthieu.protard@thomsonreuters.com; +33-1-49495381;))
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