EssilorLuxottica, through its subsidiary Essilor International, has recently found fraudulent financial activities in one of its factories in Thailand. Essilor International has filed a complaint in Thailand and other jurisdictions.
The expected financial impact could amount to a maximum of 190 million euros or decrease as a result of any insurance reimbursements, returns from legal actions and recoveries of additional amounts currently frozen on various bank accounts. The impact will be recorded in the 2019 operating results and will be treated as an adjustment factor to determine the adjusted values for the year.
The company is also carrying out close investigations and pursuing all possible initiatives to try to recover funds unduly stolen and mitigate the impact.
All employees who are involved in fraudulent activities have been laid off. The board is informed and will "monitor the situation carefully".