De Grisogono, a prestigious luxury jewelry brand headquartered in Geneva, has made headlines with the recent announcement of its bankruptcy filing. Despite its high-profile clientele, including A-list celebrities like Salma Hayek and Naomi Campbell, the company failed to find a buyer to rescue it from financial turmoil.
In a statement released by De Grisogono, it was revealed that the company’s solvency was in doubt without the support of current shareholders or a prospective buyer. With no viable options in sight, the inevitable closure of the business has put 65 jobs in Switzerland on the line, adding to the unfortunate repercussions of the bankruptcy.
The timing of De Grisogono’s financial downfall coincides with the unfolding corruption scandal involving the family of former Angolan president, Jose Eduardo dos Santos. His daughter, Isabel dos Santos, has been under scrutiny for allegedly amassing a hefty fortune through fraudulent means, as exposed in the “Luanda Leaks” scandal.
Isabel dos Santos, who resides in Europe, has adamantly refuted all accusations against her, vowing to take legal action against media outlets spreading what she claims to be falsehoods about her financial affairs. Despite her denials, Angolan prosecutors have brought forward charges against her for alleged offenses such as money laundering and document forgery.
The controversy surrounding Dos Santos’s financial dealings extends to her husband, Sindika Dokolo, and the state-owned Angolan diamond firm, Sodiam, which were involved in a business deal with De Grisogono. Documents reveal substantial loans of approximately $150 million from Angolan entities to support the venture, leading to Sodiam’s decision to divest its share in De Grisogono in 2017, citing concerns over public interest and legal compliance.
Founded in 1993 by Fawaz Gruosi, a seasoned executive with previous experience at Bulgari, De Grisogono gained recognition for its cutting-edge, boundary-pushing designs that captured the attention of the elite. However, the brand’s financial woes and entanglement in legal controversies have ultimately led to the unfortunate demise of its once-thriving operations.
For more information on De Grisogono’s bankruptcy, please visit their official website here. To learn more about the “Luanda Leaks” scandal, click here.
