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Wednesday, April 2, 2025

The Danish fraud police, NSK, needs more investigation time - postpones statute of limitations

FUN & DIFFERENT INVESTMENT OPPORTUNITY WITH THE POTENTIAL FOR HIGH RETURNS

+1,800,000,000 USD

in refund and compensation claims

150,000 USD

in sales of mini shares

Up to 12x

your investment back

About the Pandora Earnout

Fraud worth billions

Over the course of 6 years, Pandora A/S managed, through an arbitration case and an independent auditor's investigation, to hide the real results that the company Pandora CWE created in the period 2010-2014, when the profits were to be shared with Kasi ApS.

In the summer of 2023, it was possible to obtain several internal documents from former and current employees in Pandora's organization and from their external advisers.

All logic and the success of the fantastic Pandora business worldwide argued against the group's second largest subsidiary, Pandora CWE, not being as successful as the other 6 subsidiaries.

And it turned out to be a big fraud too.

Click below and see the internal documents - and get a precise 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.

That's how they cheated

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

Process until whistleblowers came forward.

In the period 2015 to 2021, Kasi tried to get to the truth about the results in Pandora CWE within the legal framework contained in the contract.

In 2019, the arbitration court issues a judgment requiring Pandora to show figures to the independent auditor. However, Pandora gets through that Jesper Nielsen must not watch when these figures are presented.

The independent auditor, KPMG, does not believe that Kasi should receive a back payment. We now know why: Pandora had fabricated an account in which they had cheated with two significant items that moved USD 287 million in profit from the company.

We and our advisors wondered throughout the process why they wouldn't just work with us to get to the bottom of this. We didn't understand all the way what it was that we weren't allowed to see or find out.

How did we figure it out?

By chance on March 19, 2023 , in a LinkedIn post from a former top manager in Pandora CWE, where he proudly talks about the great results he created in two CWE markets Austria and Switzerland. Results that differed significantly from what Pandora had informed us about results.

From there we contacted a UK company that specializes in proving fraud in large listed companies - and they are assisting us in this investigation.

More than 20,000 man-hours and more than 100 interviews later, we are now at the finish line.

Everything about this fraud has now been clarified and documentation for this is available.

We find Whistleblowers who cannot recognize profits from Pandora CWE 2014 accounts.

Now what is proven?

That the result for the period 2010 - 2014 for Pandora CWE was USD 223,8 million in profit and not as forwarded to Kasi ApS minus USD 61,9 million.

This results in a subsequent payment of min. USD 378 billion to Kasi without reimbursements.

Above you can see Revenue & Ebitda development in Pandora CWE from 2012 - 2016, which is from our original evidence.

It shows the development in revenue and profit in Pandora CWE from 2012 - 2014 in Euros.

2012: Revenue 120.2 million Euro, profit 8.3 million. Euro, profit margin of 6.9%

2013: Revenue 157.9 million Euro, profit 42.9 million. Euro, profit margin of 27.2%

2014: Revenue 219.1 million Euro, profit 77 million Euro, profit margin of 35.2%

How did Pandora do the cheat?

They took every year afterJesper Nielsen left the company all returned goods and defective goods from the whole group, and sold them into our Pandora CWE from the other subsidiaries, and then wrote down the value of the goods in Pandora CWE to DKK 0.

Caused in the period a billion loss for Pandora CWE without affecting the group's result.

Furthermore, after Jesper Nielsen left the company, they changed their status from being a subsidiary to being a distributor - a status which led to higher purchase prices, but again did not affect the group's result.

Why did they do that?

It was not to save the payment to Kasi , but rather an exercise planned and carried out by Pandora's main shareholder at the time - the capital fund Axcel.

In 2014, Axcel chose to dispose of their remaining shareholding of more than 50% of the shares in Pandora A/S. Over the course of 2014, these shares were traded in 6 large bulks to major international asset managers.

It was a historic gain for Axcel - see here how Christian Frigast from Axcel rubs his hands, 9 Dec 2014 - 22 days before he informs Kasi that nothing was earned in Pandora CWE in the period 2010 to 2015.

Link to full article HERE:

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

Had Pandora A/S not cheated and removed the entire profit in Pandora CWE, Pandora A/S should have spent more than 40% of their profit in 2014 (the same year Axcel sold their shareholding) on honoring the agreement they had with Kasi - the would have meant a completely different result - 40% worse - for the Pandora group for 2014, and thus a completely different share price for which Axcel would have sold its shareholding.

The 2 people who carried out the scam in documents sent to Kasi in 2014 were Pandora's CFO Henrik Holmark and Pandora's Business development Director, Thomas Ryge Mikkelsen, both former employees of Axcel, and appointed by Axcel's management upon the purchase of Pandora in 2008.

Expected payout and timeline.

The arbitration case is expected to be conducted in autumn 2024, by purchasing mini-shares you automatically become an interested party in the case and will continuously receive information and the date the case is scheduled for.

We have asked the arbitration court to decide on the correct payment, a possible penalty for Pandora as well as interest and compensation.

An amount that can mean a maximum payout of USD 1.8 billion and a minimum of USD 378 million.

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.