Lars Abild, Journalist Økonomisk Ugebrev
Jun 16, 2025
The trustee of the bankruptcy estate of the Kasi family’s company, Kasi ApS — partner at the law firm Poul Schmith, Boris Frederiksen — is now cracking the door open to revisit investigations into whether there may, after all, be money to recover for the estate’s creditors.
The bankruptcy estate had previously been considered closed. But then it was reopened by the Maritime and Commercial Court, despite strong opposition from Boris Frederiksen.
Now the case is taking a completely new turn — it appears that, as trustee, he is now prepared to examine whether more funds can be recovered.
This development follows a four-month investigation by NSK, reports journalist Lars Abild.
The showdown between the Kasi family and the publicly listed Pandora continues to evolve: While the police are still actively investigating the criminal aspects of the case, the civil side has been dormant for years.
The bankruptcy estate of Kasi ApS — which may be owed several hundred million Danish kroner by Pandora from an earn-out agreement — had been shut down. However, this spring the Maritime and Commercial Court decided to reopen the case, reportedly because additional assets had been discovered for the creditors.
The plan was then to close the estate again. At least, that’s what the estate’s trustee, Boris Frederiksen, argued strongly for in court. He maintained that there was nothing more to gain.
Presumably due to the ongoing police investigation, the Maritime and Commercial Court chose to keep the bankruptcy estate open: after all, the police might uncover new relevant documents in the case that could impact whether more money can be recovered for the creditors.
And now it seems Boris Frederiksen may not be quite as firm in his belief that there’s nothing more to collect. According to Ugebrevet, the law firm is now scheduled to meet with members of the Kasi family.
Specifically, a meeting has reportedly been arranged between Kasi-Jesper and the law firm Poul Schmith regarding the estate. The meeting is scheduled to take place on June 24 at the law firm, where insolvency attorney Thomas Dahl Sørensen has opened the door.
It’s unclear whether the meeting will significantly change the trustee’s reservations about continuing investigations related to Pandora. However, Boris Frederiksen has previously pursued confidential documents in the case. Notably, in 2023, he flew by private jet to southern Germany with Brøndby IF chairman Jan Bech in search of important documents tied to the Kasi ApS bankruptcy estate.
This isn’t just speculation — it actually happened. According to information obtained by Økonomisk Ugebrev, Boris Frederiksen and Jan Bech flew south on April 26, 2023. The key documents were not brought back. But it may very well be these documents that have now landed on the desks of Boris Frederiksen and Thomas Dahl Sørensen — and possibly changed their view of the case.
The Kasi family has reportedly submitted new documents in the case to Thomas Dahl Sørensen. According to sources, the documents strengthen suspicions that Kasi ApS was cheated out of at least a nine-figure amount by the publicly listed jewelry company Pandora. Money that was supposed to have been paid out as part of an “earn-out” agreement for the Kasiernes’ sale of their ownership stake in Pandora CWE — the European subsidiary that later became 100% owned by Pandora A/S.
This is a claim Kasi-Jesper has made repeatedly, though until now he has apparently been unable to document or sufficiently substantiate it. But according to reports, Thomas Dahl Sørensen is now willing to listen to him and review the documents the Kasi family has handed over to the lawyers.
Boris Frederiksen is reportedly also motivated to revisit the case following the Special Crime Unit’s (NSK) four-month investigation, during which current and former Pandora employees in Denmark and southern Germany have been interviewed or questioned.
Based on several key documents, Økonomisk Ugebrev has reported on the issues and asked Pandora to respond to the fact that Pandora CWE’s internal accounting result in 2014 was significantly higher than what was officially reported in the company’s public accounts. According to the newsletter’s sources, bonuses were paid to senior employees in Pandora CWE based on the higher internal profits.
Pandora’s in-house counsel, Jeppe Jensen, remains silent when questioned by Økonomisk Ugebrev. Boris Frederiksen has no comment on whether he flew with the chairman of Brøndby IF — or what, if anything, came of the meeting.