// Ray-Ban maker EssilorLuxottica has been scammed by staff at its Thailand factory
// The company is facing a £162 million loss
Ray-Ban has been scammed out of £162 million after EssilorLuxottica, the company behind the sunglasses retailer, discovered a fraud at one of its factories in Thailand.
The company, which also owns Michael Kors glasses, said it hopes that what it cannot recover from frozen bank accounts could be recuperated from lawsuits or insurance.
“Subsidiary Essilor International recently discovered fraudulent financial activities in one of its plants in Thailand,” the company said in a statement.
“Essilor International filed complaints in Thailand and in other jurisdictions and mobilised 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 losses will be recorded in EssilorLuxottica’s 2019 operating results as an adjusted item.
The business said it had fired all staff which it found were involved with the fraud and is tightening its security.
“The board of directors of EssilorLuxottica is informed and will monitor closely the situation with the support of advisers; it will examine any further steps to be implemented for any such fraudulent activities not to recur.”
EssilorLuxottica employs around 150,000 people, and its revenues reached £138 billion last year.
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