DSG uncovers fraud at Fotovista in France

29th March 2007, Comments 0 comments

LONDON, March 29, 2007 (AFP) - DSG International, Europe's biggest electrical retailer, said on Thursday that it has identified a "significant fraud operation" at the Parisian warehouse operations of its Fotovista unit.

LONDON, March 29, 2007 (AFP) - DSG International, Europe's biggest electrical retailer, said on Thursday that it has identified a "significant fraud operation" at the Parisian warehouse operations of its Fotovista unit.

"French police are investigating and several operatives at the warehouse and external individuals have been arrested," Britain-based DSG said in a statement.

DSG warned that it expects the issue to offset profit contributions from its new businesses this year.

In early London trade, the share price in DSG was showing a loss of 0.06 percent at 170.4 pence. The FTSE 100 index of leading shares, on which DSG is traded, was up 0.46 percent at 6,296.0 points.

Fotovista owns Pixmania -- which DSG describes as the only pan-European e-tailer of digital photographic and consumer electronic goods. 

Meanwhile in a separate statement on Thursday, DSG said Fotovista has sold its personal photography businesses Primaphot and Maine Color to investors led by LFPI Gestion for 22.4 million euros (30.1 million dollars) in cash.

Copyright AFP

Subject: French news

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