Rente: 10.32%

BREAKING: The court date has been set – See the post here

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The Danish Government’s Legal Advisor Opens Door to Renewed Focus on Kasi Compensation

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The Danish Government’s Legal Advisor Opens Door to Renewed Focus on Kasi Compensation

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The Danish Government’s Legal Advisor Opens Door to Renewed Focus on Kasi Compensation

A Unique Investment Opportunity with Strong Return Potential

About the Pandora Earnout

+1,800,000,000 USD

in refund and compensation claims

150,000 USD

in sales of mini shares

Potential Returns of up to 12x

your Investment

About the Pandora Earnout

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Fraud Worth Billions
Over the course of six years, Pandora A/S managed—through an arbitration case and an independent audit—to conceal the real financial results generated by its subsidiary, Pandora CWE, during the period 2010–2014, when profits were supposed to be shared with Kasi ApS.

New Leaks Reveal: Pandora Manipulated Arbitration and Auditors

In the summer of 2023, internal documents were obtained from former and current employees within Pandora’s organization, as well as from their external advisors.

Pandora’s Second-Largest Subsidiary Should Have Shared Billions in Profit

All logic—and Pandora’s incredible global business success—suggested that its second-largest subsidiary, Pandora CWE, should have been just as profitable as the other six subsidiaries.

Whistleblowers Blow the Case Wide Open – See the Evidence

And it turned out to be a massive fraud.
Click below to see the internal documents and get a clear explanation of how and why they cheated:

How they cheated

Unique investment opportunity

We are now offering again, for the first time publicly since our whistleblowers came forward, 100 mini-shares from USD 760, where you get your investment back between 6 and 12 times when the verdict has been reached in the arbitration, as well as, of course, 2 VIP tickets to Kasi- the party in the Royal Arena.

Celebration in the Royal Arena

The world's largest private party is planned to mark the end of this historic dispute and the beginning of a new era of justice and propriety.

With a lavish lineup of entertainment, including David Guetta, Imagine Dragons and several top Danish artists, the party will be an unforgettable event.

How they cheated

See below in 7 steps how Pandora cheated the Nielsen family for USD 124,600,000

1. PATH TO WHISTLEBLOWER REVEAL

⚖️ Years of legal battle for the truth (2015–2021)

From 2015 to 2021, Kasi tried to uncover the truth about the results in Pandora CWE – within the legal framework set by the contract.

🧑‍⚖️ Arbitration ruling grants access – but excludes Jesper Nielsen

In 2019, the arbitration court ruled that Pandora must present figures to an independent auditor.
However, Pandora managed to prohibit Jesper Nielsen from attending the presentation.

🧾 KPMG’s conclusion based on fabricated figures

The independent auditor, KPMG, concluded that Kasi was not entitled to additional payment.
Today we know why: Pandora had fabricated the accounts and moved 1.9 billion DKK in profit out of the company – through two key entries.

🤔 A collaboration that never happened

Both we and our advisors were puzzled along the way:
Why did Pandora refuse to simply collaborate to find the truth?
We couldn’t understand what it was we were not allowed to see – or discover.

2. HOW DID WE UNCOVER IT?

💡 A LinkedIn post raises suspicion
By chance on March 19, 2023, we discovered a LinkedIn post from a former top manager at Pandora CWE. He proudly highlighted the impressive results he achieved in Austria and Switzerland — results that differed significantly from the information Pandora had provided us.

🔍 Experts in financial fraud are brought in
We contacted a UK company specializing in uncovering fraud in publicly listed companies. They are assisting us in the investigation.

⏱ Over 20,000 hours and 100 interviews later
After more than 20,000 man-hours and over 100 interviews, we have reached the goal. The entire case is now clarified and well documented.

📣 Whistleblowers confirm irregularities
We have identified key whistleblowers who do not recognize the profits reported in Pandora CWE’s 2014 accounts.

3. WHAT IS NOW PROVEN?

💰 True profit: +1.48 billion DKK – not a loss of 409 million
It is now documented that Pandora CWE had a profit of 1.48 billion DKK during the period 2010–2014,
and not a loss of 409 million DKK as reported to Kasi ApS.

🧾 Minimum claim: 2.5 billion DKK in back payments
This discovery means that Pandora owes Kasi at least 2.5 billion DKK –
before interest, penalties, and compensations.

📊 Data from Pandora CWE – documented in our original material
The graph above shows revenue and EBITDA development in Pandora CWE from 2012 to 2016 –
with a special focus on the key years 2012–2014.

💶 Clear figures in Euro: Strong growth and rising profit margins

2012:
– Revenue: 120.2 million EUR
– Profit: 8.3 million EUR
– Profit margin: 6.9%

2013:
– Revenue: 157.9 million EUR
– Profit: 42.9 million EUR
– Profit margin: 27.2%

2014:
– Revenue: 219.1 million EUR
– Profit: 77.0 million EUR
– Profit margin: 35.2%

📊 Data from Pandora CWE – documented in our original material
The graph above shows revenue and EBITDA development in Pandora CWE from 2012 to 2016 –
with a special focus on the key years 2012–2014.

💶 Clear figures in Euro: Strong growth and rising profit margins

2012:
– Revenue: 120.2 million EUR
– Profit: 8.3 million EUR
– Profit margin: 6.9%

2013:
– Revenue: 157.9 million EUR
– Profit: 42.9 million EUR
– Profit margin: 27.2%

2014:
– Revenue: 219.1 million EUR
– Profit: 77.0 million EUR
– Profit margin: 35.2%

4. HOW DID PANDORA COMMIT THE FRAUD?

📦 Returned and defective goods placed in CWE
Each year after Jesper Nielsen left the company, all returned and defective goods from across the group were sold into our Pandora CWE from other subsidiaries – and then the value of the goods in Pandora CWE was written down to 0 DKK.

💸 Billion-kroner loss – with no impact on the group’s results
This caused a billion-kroner loss in Pandora CWE over the period, without affecting the group’s overall results.

🏷 Changed company status created higher costs
Furthermore, after Jesper Nielsen left the company, they changed CWE’s status from a subsidiary to a distributor – a change that led to higher purchase prices, but again had no impact on the group’s financial results.

5. WHY DID THEY DO IT?

🔍 Not to avoid payment to Kasi – but a scheme by Axcel
It wasn’t to avoid paying Kasi, but rather a scheme planned and executed by Pandora’s former majority owner – the private equity fund Axcel.

📉 Axcel sells over 50% of Pandora in 2014
In 2014, Axcel chose to sell off its remaining stake of over 50% in Pandora A/S. These shares were sold in six large blocks throughout the year to major international asset managers.

💰 Historic profit for Axcel from share sale
It resulted in a historic gain for Axcel – see how Christian Frigast from Axcel is rubbing his hands on December 9, 2014 – just 22 days before he informed Kasi that no profit had been made in Pandora CWE from 2010 to 2015.

Link to full article HERE:

🔗 See here also what these share sales meant for the partners in Axcel - Click HERE.

⚠️ Pandora committed fraud and hid massive profits
Had Pandora A/S not committed fraud and concealed the full profit from Pandora CWE, they would have had to spend over 40% of their 2014 profit (the same year Axcel sold its shares) honoring the agreement with Kasi. That would have resulted in a 40% lower outcome for the Pandora Group in 2014 – and a very different share price for Axcel’s exit.

🕵️‍♂️ Fraud executed by two former Axcel employees
The two individuals responsible for the fraudulent documents sent to Kasi in 2014 were Pandora’s CFO Henrik Holmark and Business Development Director Thomas Ryge Mikkelsen – both former Axcel employees, appointed by Axcel’s management when they acquired Pandora in 2008.

6. LEGAL PROCESS FROM HERE

⚖️ New arbitration case for Kasi ApS’s rightful payment
We will now ask the arbitration court to assess these newly discovered facts in a brand new arbitration case, and then deliver the legally binding judgment that will grant Kasi ApS their rightful payment.

🚨 Pandora and former executives reported to authorities
In this context, we have also reported Pandora A/S and four former senior executives to the Danish Economic Crime Unit (NSK), which is now awaiting the arbitration court’s ruling.

7. EXPECTED PAYOUT AND TIMELINE

📅 Arbitration case opened – claim submitted June 12, 2025
The arbitration case is now officially open, and the formal claim was submitted on June 12, 2025.

🤝 Mini-shares grant access to updates and timeline
By purchasing mini-shares, you automatically become a stakeholder in the case and will receive ongoing updates, including the scheduled hearing date.

💸 Arbitration court to decide payout, penalties, and interest
We have asked the arbitration court to determine the correct payout, potential penalties for Pandora, as well as interest and compensation.

💰 Potential payout between $350 million and $1.7 billion USD
The final payout could amount to a maximum of $1.7 billion USD – with a minimum of $350 million USD.

Key documents

Final Remarks document

Pandora key figures

New overview from Pandora

DAVID GUETTA

IMAGINE DRAGONS

MORE TOP DANISH ARTISTS

About the party

The World's Largest Private Party

We invite you to take part in an unforgettable evening where we celebrate our big earn out victory in style together with all of you who have supported. This party will be nothing short of spectacular and we have chosen the Royal Arena as the perfect setting for the event.

The main names for the evening:

David Guetta - World famous DJ and music producer who will make the whole arena vibrate with his energetic beats.
Imagine Dragons - The popular rock band, known for their many hits (including "Whatever it takes") will give a terrific live performance.

But it doesn't stop here! We also have a number of top Danish artists on the programme, who will ensure that the evening will be filled with fantastic musical experiences.

Free food and free drinks all night:

We make sure that no one goes home hungry or thirsty. There will be a large selection of delicious dishes and drinks, which can be freely enjoyed throughout the night.

Get ready for a night of world-class partying, music and celebration. We look forward to seeing you at the Royal Arena for this extraordinary event!

And to top it off, David Guetta will end the evening with a bang that will have everyone dancing and cheering well into the night. It will be a festive evening filled with music, joy and celebration of our victory over the deception.

During the earnout party at the Royal Arena, there will be an exclusive awards show to pay tribute to everyone who has supported the cause - from those who bought shares to lawyers, investigators and witnesses. It's a night to celebrate the community and show our gratitude for everyone's contribution to uncovering the fraud.