Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Attorney Roderich Schaetze: Final Blow for elumeo SE: Court Orders Confiscation of Company Assets Including Land and Factory Building of Subsidiary PWK in Thailand - Situation Gets Out of Control for elumeo-Management


News provided by

Roderich Schätze

24 Sep, 2019, 19:35 GMT

Share this article

Share toX

Share this article

Share toX

BANGKOK and CHANTHABURI, Thailand, Sept. 24, 2019 /PRNewswire/ -- The downfall of elumeo SE, operator of Juwelo TV, self called "the leading European online retailer of high-quality gemstone jewelry" reaches the point of no return. Thailand Labour Courts, under the Labour Red Case No. Ror 473-596/2562, case filed by hundreds of former workers of PWK Jewelry Limited, fully owned subsidiary of elumeo SE, granted the ex-workers the right to confiscate all PWK's assets, including the land and the factory building. For eluemo SE the troubles are far from over, since this is a "forced liquidation" and the workers will sell their seized assets well below market price. The difference to the debt will remain in the books of elumeo SE.

This court order came as a surprise: not just machinery and office equipment can be confiscated by the workers, but also the factory building and the land it stands on. As the Court Order states: "The executing officer would like to announce that the Labour Court Region 2 has the writ of executing to confiscate the assets of the 5 Defendants. Now, the executing officer has already confiscated the asset of PWK Jewelry Company Limited - Defendant No.1 , which is the Land Title Deeds No. 62236; Land No. 61, dealing file No. 2267, Chanthanimit, Muang Chanthaburi, Chanthaburi, with buildings".

Current events in Thailand appear to show that the management of elumeo SE has lost control of the situation. This is a final blow to the already troubled elumeo SE, which under Wolfgang Boyé's chairmanship was dragged into a web of criminal investigations, fraud, lawsuits worth of millions of EUR, affecting lives of hundreds of people which were left with unpaid salaries and legal settlements. After this point, even the utopian "solvent liquidation" ordered by elumeo's Executive Board, and which was never sustained by any real facts turns into a clear impossibility.

With the physical factory in the Thai province of Chanthaburri gone and over 600 jobs lost, the conditions of the tax holiday, which was granted by the Board of Investment in Thailand, are violated. The Thai tax authorities are likely to claim back Millions of Euro for unfulfillment of the conditions of the tax holiday granted to the Thai elumeo subsidiary PWK Juwellery Limited. This would be an additional burden in the books of cash strapped elumeo SE.

It is probably a task for a special auditor or for the prosecutor's office to investigate the decisions and actions of the Executive Board of elumeo, which, apart from Wolfgang Boyé, includes Gregor Faßbender-Menzel, Anette Bronder, Ingo Stober, Bernd Fischer (criminally investigated together with Wolfgang Boye), Boris Kirn and Frank Broer. Their decisions led to this situation, and who the Executive Board assessed that a "solvent liquidation" of PWK could be possibly conducted using as liquidity assets under mortgage, VAT to be recovered in several years and offsetting dividends for profits never made but on paper, as well as for exported and unpaid for jewelry,

Market observers wonder about the role of the single members of elumeo's Board of Directors and whether the Board members, who are well remunerated, are fulfilling their supervisory board duties. OSH as the one of the initial shareholders believes that the Executive Board of elumeo is as responsible for this situation as the Executive Directors (of which two are already criminally investigated for fraud, both in Germany and Thailand). Furthermore, OSH believes that the refusal to appoint a special auditor to look into this whole devastating situation is, at least, curious and rises numerous question marks regarding the legality and transparency of elumeo's management's actions.

The questionable and troubled management is still upheld by the support of Raik Hoffmann of Frankfurt Performance Management AG (FPM) who repeatedly refused any suggestion of OSH and clearly stated his support for the criminally investigated Wolfgang Boyé.

In fact, in December 2018, Mr. Hoffmann and other shareholders voted against OSH's proposal to invest, without any guarantees on elumeo's side, a fresh breath of capital into the company, up to 15 million EUR, in order to save the situation generated by Wolfgang Boyé and the Executive Director's management. They simply dismissed the fact that the whole system can collapse - unfortunately, today, being proven wrong. In December 2018, Raik Hoffmann also voted in favor of removal of two Board Members who were questioning the legality of Mr. Boye's actions and who were also pushing for the appointment of a special auditor or at least, of a third-party legal audit on all the deeds of Boye's management. Even at that time, Mr. Boye was refusing access to company documents and data, to the Board Members questioning his decisions, affecting the legality of the Executive Board function.

Together with the company assets, elumeo's last chance to settle at least any portion of the debt, the personal assets of PWK Directors will be gone, all because of elumeo's so called "solvent liquidation". In fact, the Executive Board of elumeo ordered the "solvent liquidation" without any sound financial plan or forecast, reputedly asking the PWK Company directors to come up themselves with a "meaningful plan" for liquidating a company that had tens of millions of EUR in unpaid jewelry, which Wolfgang Boyé tried to offset against dividends for profit just made out on paper.

OSH reiterates its decision to follow all legal paths of uncovering the deeds that led to this catastrophe and hereby is asking the Executive Board Members, which are not criminally investigated, respectively, Gregor Faßbender-Menzel, Anette Bronder, Ingo Stober, Boris Kirn and Frank Broer to carefully respect and watch their legal duties as Board Members and don't be caught in any potentially questionable acts.

Picture is available at epa (http://www.epa.eu)

For further information:
Attorney Roderich Schaetze
SWM Treuhand AG
Schäfflerstraße 8, 80333 München
phone: +49 89 2040026-20
e-mail: schaetze@schaetze.com

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.