Jan 29, 2020
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De Grisogono files for bankruptcy

Jan 29, 2020

Geneva-based De Grisogono, which has a host of international celebrity fans including Salma Hayek and Naomi Campbell, said in a statement it had not managed to secure a buyer despite months of talks, Bloomberg reported on Wednesday.

De Grisogono - De Grisogono

"Without financial support from current shareholders, and without a buyer, the solvency of the company is now in question, making the continuation of the business impossible," the statement was quoted as saying.

A Swiss celebrity jeweller linked to the family of Angolan ex-president Jose Eduardo dos Santos has filed for bankruptcy amid a corruption scandal involving his daughter Isabel, Bloomberg reported on Wednesday.

Contacted by AFP, company spokespeople in Geneva could not be reached for comment.

The closure will affect 65 jobs in Switzerland.

The jeweller was also entangled in a corruption scandal linked to the family of Angolan ex-president Jose Eduardo dos Santos and his daughter Isabel dos Santos.

International media outlets this month published an inquiry dubbed "Luanda Leaks" claiming Isabel dos Santos accumulated in a fraudulent manner an estimated fortune of $2.1 billion (1.9 billion euros).

Isabel dos Santos on Tuesday denied the "unfounded allegations and false claims" and said she has taken steps "to act legally" against outlets that had published them.

Dos Santos has been living in Europe since President Joao Lourenco fired her as head of the state oil company Sonangol in 2017, soon after he took over from her father.

Earlier this month, she was indicted by Angolan prosecutors for a host of top-level financial crimes, including money laundering and forgery of documents.

According to the Luanda Leaks, dos Santos's husband, Sindika Dokolo, and the Angolan state diamond firm Sodiam in 2012 formed a company to buy a stake in De Grisogono.

The company was supported by nearly $150 million in loans from Angolan entities, according to the documents.

Sodiam said in 2017 that it would divest its stake in De Grisogono "for reasons of public interest and legality".

De Grisogono, known for tradition-defying designs, was founded in 1993 by former Bulgari executive Fawaz Gruosi.

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