By Kim Richters

EssilorLuxottica SA (EL.FR) said Monday that its subsidiary Essilor International has discovered "fraudulent financial activities" at one of its Thailand plants.

The French eyewear company said its subsidiary is "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 has filed complaints in Thailand and other jurisdictions and dismissed the employees who are currently known to be associated with the activities, it said.

The estimated financial impact for the company is up to 190 million euros ($212.3 million) before insurance, pending legal actions and "anticipated recovery of further funds currently frozen on various bank account," EssilorLuxottica said.

The impact is going to be listed as an adjusted item in the operating result of 2019, it said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

December 30, 2019 02:46 ET (07:46 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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