CHANTABURI,THAILAND/ BERLIN, GERMANY - Newsaktuell - Sept. 19, 2019 - The chain ofdisastrous events for elumeo SE, the operator of Juwelo TV, continues.Following questionable management by Wolfgang Boyé, ThomasJarmuske and Bernd Fischer, for the past couple of years the companyis in free downfall dragging the subsidiaries with them into the abyss.According to a decision of the Thai Labour Court dated September 12th,2019, former PWK employees who have received neither salary nor statutoryseverance pay, may make use of the company's property (Case No. Ror 757/2662).The workers do now have the right to immediately enter the PWK premises,identify any and all assets and confiscate them to be sold at public auction.This means that the strategy of orderly liquidation advocated by elumeo at theShareholder Meeting in August 7^th,2019 can no longer be implemented. Against this backdrop, the provisionsof 7.7 million Euros should under no circumstances be sufficient.Further financial burdens are to be expected.

A Thai Labour Court has granted former employees of PWK Jewelery Company Limited the right to immediately enter the PWK premises, identify any and all assets and confiscate them to be sold to compensate them for unpaid salaries and severance payments. The employees had already demonstrated in front of the German embassy in Bangkok. PWK was no longer able to pay the salaries and the statutory severance payments after the German parent company elumeo SE had ordered and received jewellery through other subsidiaries for around 30 million euros, but only paid a fraction of it. Over 600 employees lost their jobs. The three German managers of elumeo, Wolfgang Boyé, Bernd Fischer and Thomas Jarmuske, are being investigated for fraud by the German public prosecutor's office and the Thai police authorities.

Theelumeo management is currently in the midst of a violent storm of legaldisputes: elumeo's management is criminally investigated for fraud, bothin Germany and Thailand. Tens of million EUR lawsuits are filedagainst the company by SWM Treuhandgesellschaft AG, on behalf of elumeo'ssubsidiary and manufacturing arm PWK Jewelry Limited (Thailand). In addition tothat, Kat Florence Design Limited sues elumeo SE for damages due tonon-performance of contractual obligations. A former member of the Board ofDirectors has also brought actions against elumeo SE for unlawful resolutionsof the Board of Directors passed forcefully by the Chairman Wolfgang Boye.Also Ottoman Strategy Holdings SA (OSH), major shareholder of elumeo SE, fileda lawsuit claiming deliberate untrue statements by Chairman Boye, inshareholder meetings and claims the nullity of, among other things, IngoStober's election to the board. A further lawsuit for the immediateappointment of a special auditor to investigate the actions of elumeo's managementwith regard to the situation in Thailand, possible unlawful tax reductionsand the constantly deteriorating financial situation of the company is inpreparation.

Lastyear, in December 2018, elumeo's management ordered the "solventliquidation" of PWK Jewelry Company, without paying anything from its debtof more than 30 Million Euro for jewelry manufactured with bank loansin Thailand and exported to Germany. Furthermore, elumeo'smanagement, instead of providing a coherent plan for liquidation to the PWKManagement, demanded that PWK Directors should come up with a solution to thefinancial havoc created by the management of elumeo SE. They asked them to paythe salaries and creditors with supposedly "readily accessibleliquidity" consisting among other things in company assets such asbuildings which are under the mortgage from Siam Commercial Bank (Thailand), aVAT refund expected in several years' time or a remaining stock of unusedleftover gems (most of them also unpaid to the suppliers).

Thisincapacity of elumeo to provide any solution to the huge financial gap createdby them, led the unpaid workers of the PWK factory to seek their rights in Thaicourts. On September 12, 2019, under Case No. Ror 757/2662, they weregranted by the Thai Labour Court of Region 2 a Writ of Execution, appointing488 former employees of PWK as the "execution officer to confiscate andsequestrate the assets of the Debtor", giving them the right toimmediately enter the PWK premises, identify any and all assets and confiscatethem to be sold at public auction.

Thisis an enormous blow to the elumeo group, because, together with the specialrequisition order already issued by the Thai government against PWK's land andbuilding this will make any controlled sale of the company assets impossible,placing the company on an unstoppable and uncontrollable downfall, which couldpossibly lead to the insolvency of PWK or even of elumeo group. On the sametime, one by one, PWK unpaid suppliers started to sue, led by the big diamondsupplier Flawless and followed by the Thai supplier Bright Future. Many othersuppliers, including the logistics and security international G4S company arenot yet paid either.

Inview of these last developments, elumeo groups major shareholder Ottoman StrategyHoldings (OSH is, again, demanding the immediate appointment of a specialauditor to the group, in order to clarify the activities of the criminallyinvestigated management led by Chairman Boye and executive directors TomasJarmuske and Bernd Fischer. The reluctance of other shareholders,especially Frankfurt Performance Management AG (FPM), represented by RaikHoffmann, to agree to such an audit, while declare their support for acriminally investigated Chairman at elumeo's Shareholder Meeting is hard tocomprehend for shareholders who are in favor of a special auditor.

-Picture is available at epa european pressphoto agency ( https://www.epa.eu )-

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