De Grisogono Files for Bankruptcy Amid Scandal

Swiss luxury jeweler De Grisogono has filed for bankruptcy after failing to find a buyer.

As a result, 65 jobs could be lost in Switzerland, BusinessDay reports.

“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 company said in a statement.

Rapaport News reports that the filing comes after the company was “caught up in an alleged money-laundering scandal involving Isabel dos Santos, the daughter of Angola’s former president, and her husband.”

Media reports have stated that De Grisogono was allegedly “propped up with nearly $150m in loans from Angolan entities to pay off the struggling company’s debts and expenses,” according to BusinessDay.

Angola’s prosecutor general on Jan. 22 began an investigation into dos Santos, according to media reports.

Jewelry pieces from De Grisogono, which was formed in the 1990s, have been worn by celebrities such as Paris Hilton, Salma Hayek and Naomi Campbell.

Read more at BusinessDay