Patrick Viborg Andersen
Nov 19, 2023
Jesper Laustrup Nielsen, also known as Kasi-Jesper, has now made the dramatic decision to sue jewelry giant Pandora for 5.7 billion DKK in a case involving improper settlement of a so-called earn-out and accusations of fraud.
It is a case that has been going on for several years and has now reached a new intensity, following revelations from journalists and documents from former Pandora executives.
About a year ago, Nielsen came into contact with former executives at Pandora, who shared information and documents that did not match the explanations he had previously received. These revelations have been the basis for his decision to take the case to court. In his latest LinkedIn update, he criticizes Pandora for having concealed the real results of the company Pandora CWE, which according to Nielsen shows a major discrepancy in the earn-out settlement to which he is entitled. Jesper Nielsen elaborates on the matter to Sydavisen.dk .
– I simply do not understand how I have now gained insight into the fact that huge bonus agreements have been paid out. At the same time, the results in the company appear to be similar to those we had when I was involved – and when my agreement expired, the results began to improve again. This is something they have not been able to explain, and it has also been noticed by journalists who have taken up the matter, says Jesper Nielsen in an interview with Syd AVISEN on Tuesday afternoon.
Jesper Nielsen has been given access to documents showing that Pandora has previously presented Jesper Nielsen with financial statements that supposedly reflect the real results of Pandora CWE, but which in reality do not match the actual figures. There is a difference of as much as DKK 2.0 billion between the internal results presented by former top executives and the results Pandora submitted as the official version.
– About a year ago, I found out some things because I got in touch with former top executives at Pandora. They were able to share information and show me documents that did not match what they had previously presented to me as an explanation of how things should look. In addition, there had been a long process in the arbitration court, where we ended up having to close the case because we simply could not prove that there had been a profit, says Kasi-Jesper.
Jesper Nielsen has sued Pandora in the Copenhagen City Court, demanding that Pandora be held responsible for what he describes as criminal acts that have caused major financial losses for himself and his company.
The case has been further covered by journalists, including Lars Abild from Berlingske Business and Økonomisk Ugebrev , who have dug deeper into the Pandora case. Pandora acknowledges that the company's results during the period in focus were high, but they have not been able to explain how a so-called "mark-up" – an internal fee settlement – was used and what exactly it was supposed to cover.
In connection with the Kasi-Jesper case, and Pandora, Abild has played a central role in uncovering critical information. Through his extensive research and network of sources, he has gained access to internal documents and information from former Pandora executives, which reveal discrepancies in the financial settlements between Pandora and Nielsen. These revelations have been crucial in shedding light on the facts of the case.
– Pandora must now explain in front of impartial judges why there is a DKK 2.0 billion difference between the results – which internal former top executives at Pandora have presented via documents as the correct results, and THE result Pandora sent to Kasi as the correct result, writes Jesper Nielsen in his LinkedIn update.
This is not the first time Pandora has been criticized for its financial practices, but it is the first time such a case has reached this stage. Nielsen has been fighting for years to get the earn-out payment he believes he is entitled to, but has so far been unable to get his claims upheld. This new case marks a crucial step in his fight for justice.
Sydavisen is working to get a comment from Pandora.