Bad news for those who love high jewelry: de Grisogono, a Geneva-based company that has left its mark on the world of luxury, has filed for bankruptcy. The decision comes after a thorny financial scandal involving the ownership of the jewelry brand, Sodiam, Angola’s state-owned mining company, came to light. According to documents released recently, the company specialized in the extraction of diamonds was used by Sindika Dokolo, husband of Isabel Dos Santos, the richest woman in Africa and daughter of the former premier, to control de Grisogono thanks to black funds (about $ 1 billion), thus obtained illegally.
Isabel Dos Santos, who lives in London, is under investigation on charges of enriching herself through corruption when her father was president of the African country. The purchase of the de Grisogono brand, founded by Fawaz Gruosi, ousted about a year ago, dates back to 2012. The pot was uncovered thanks to a (highly documented) journalistic investigation by the Panorama team. According to documents discovered by journalists, 18 months after the agreement Sodiam had invested $ 79 million in the partnership, while Dokolo had invested only $ 4 million. Dokolo’s lawyers argue that the couple then invested $ 115 million in de Grisogono, but was unable to find a buyer. The jewelry company records sales of around $ 100 million and employs 65 people. And most importantly, it was one of the most innovative jewelry companies.
