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Elumeo SE Bad news for operators of "Juwelo TV" - Million-dollar lawsuits, allegations of fraud and investigations by prosecutors - Accusation of "annihilation" of PWK Jewelery Company Ltd. (FOTO)

Nachrichtenagentur: news aktuell
16.09.2019, 10:20  |  262   |   |   
Chantaburi (Thailand)/Berlin (Germany) (ots) -

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The bad news about the German jewelry retailer elumeo SE and its
distribution channel Juwelo TV do not stop. The events surrounding
the group's illiquid jewelry manufacturer PWK Jewelry Trading Ltd in
Thailand (Chanthaburi Province) have been the subject of numerous
trade talks in the run-up to the Hong Kong Jewellery & Gem Fair,
which starts next week. So has elumeo SE to deal with another lawsuit
that was brought before the court in Berlin. Shareholders are
convinced that the management under Wolfgang Boyé has not told the
truth, especially about the jewelry manufacturer PWK in Thailand,
which is in deep financial difficulties.

The most recent lawsuit is a just another drop of a legal storm
brewing over elumeo SE and its management headed by Wolfgang Boyé,
Thomas Jarmuske and Bernd Fischer. All three managers are under
investigation of the Berlin public prosecutor's office and the Thai
police authorities, who are investigating them for fraud. The SWM
Trust Company sued elumeo on behalf of the financially devastated PWK
Jewelery Company Ltd. for 10.2 million Euros in unpaid jewelry. In
addition, suppliers of the elumeo SE subsidiary PWK also sued the
company because they were not paid, including such large diamond
suppliers as Flawless, which already, on July 10, filed case
301.013/Sor4014 with the Bangkok Courts for unpaid gems. Other
suppliers such as Bright Future and G4S logistical company were also
not paid. The financial picture drawn by elumeo SE's management at
the Annual Shareholder Meeting on August 7, 2019 in Berlin looks

The management of elumeo SE under Chairman of the Board of
Directors Wolfgang Boyé had sent the group into an economic downturn.
Elumeo SE, which was initially successfully listed on the stock
exchange, suffered a 24% decline in sales revenues in 2018. Equity
shrank by 80.9% and total losses amounted to EUR 26 million according
to the unaudited 2018 consolidated financial statements published by
elumeo. The shares of elumeo SE turned into penny stocks.

The target set by elumeo SE of selling millions of pieces of
jewelry a year via the Internet and its TV channel "Juwelo TV" was
never achieved. The production facility in Thailand was designed to
produce 2 million pieces of jewelry per year. However, the sales
figures of the Boyé troupe remained far below expectations, going as
low as a quarter of the expected sales level.

The lawyers of anchor shareholder OSH speak of a targeted
"destruction" of the group's own production facility in Thailand.
Through its subsidiary "Silverline" in Hong Kong, elumeo SE ordered
jewelry worth over EUR 30 million from the other subsidiary PWK
Jewelry Company Ltd in Thailand. Only a fraction of the juwelry was
paid. This ultimately led to the financial collapse of PWK's own
subsidiary. As a result, over 600 Thai employees lost their jobs,
with no salary payments and no statutory severance payments. The
management of elumeo SE had already discussed in advance the
possibilities of getting rid of Thai employees without having to pay
statutory severance payments, an illegal move under the Thai law,
and, most probably, an immoral one too. PWK workers protested in
Chanthaburi and in front of the German embassy in Bangkok, seeking
government's help in obtaining their legal severance pay.

The anchor shareholder OSH recently filed another lawsuit against
management's refusal to appoint a special auditor who would check the
legality of Wolfgang Boyé and Executive Director's actions as well as
digging into the company's documents and resolutions to see how it
was possible to come to this incredibly bad situation, where the
company is cornered with legal cases, unpaid debts and its management
criminally investigated in two countries.

Once advertising as a vertically integrated structure having its
own manufacturing facilities in Thailand, which was its strength and
pride, elumeo is resorting now in seeking merchandise and credit from
various suppliers from Thailand and India, trying, on the same time,
to explain its shareholders that this is the better and most feasible

Originaltext: Roderich Schätze
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Attorney Roderich Schaetze
SWM Trust Ltd.
Schäfflerstrasse 8, D-80333 Munich, Germany
phone: +49 89 2040026-20
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