Background and Origins

Jesper "Kasi" Nielsen co-founded Pandora CWE and played a key role in building it into a global jewelry empire. Through his company Kasi ApS, he managed Pandora CWE (Central Western Europe), Pandora's second-largest subsidiary.

In 2010, Nielsen sold his stake in Pandora CWE to Pandora A/S with an earn-out agreement. This entitled Kasi ApS to a share of profits from Pandora CWE for the period 2010–2014.

Pandora CWE showed strong growth:

• 2012: Revenue 120.2 million EUR, Profit 8.3 million EUR

• 2013: Revenue 157.9 million EUR, Profit 42.9 million EUR

• 2014: Revenue 219.1 million EUR, Profit 77.0 million EUR (margin rising to 35.2%)

Despite this success, Pandora reported a cumulative loss of 409 million DKK for CWE over the period, meaning no earn-out payment to Kasi ApS.

The Alleged Fraud: How Profits Were Concealed

Evidence uncovered later revealed that Pandora CWE actually generated a profit of +1.48 billion DKK. Pandora allegedly used sophisticated accounting tricks to hide this and avoid payment:

1. Fabricated Entries — Moved 1.9 billion DKK in profits out of CWE through bogus accounting adjustments (no impact on the group's overall results).

2. Inventory Manipulation — Each year after Nielsen left, returned and defective goods from across the Pandora group were transferred to CWE and written down to 0 DKK, creating artificial billion-kroner losses.

3. Status Change — After Nielsen's departure, CWE was reclassified from subsidiary to distributor, leading to higher purchase prices and further masked profits.

The fraud was allegedly orchestrated by former CFO Henrik Holmark and Business Development Director Thomas Ryge Mikkelsen – both former employees of Axcel (Pandora's majority owner at the time).

Motive: The concealment coincided with Axcel selling over 50% of its Pandora stake in 2014 to international investors. Disclosing true profits would have required paying over 40% of 2014 profits to Kasi, reducing the group's results and potentially lowering the share price during Axcel's lucrative exit.

The Initial Legal Battles (2015–2021)

Nielsen fought for years within the contract's framework to uncover the truth. In 2019, an arbitration court ordered an independent KPMG audit – but Nielsen was excluded from the process, and the audit relied on manipulated figures, concluding no payment was due.

The Breakthrough (2023 Onward)

• March 19, 2023: A LinkedIn post from a former top manager at Pandora CWE highlighted discrepancies in reported results.

• Summer 2023: Internal documents obtained from current/former Pandora employees and advisors.

• Over 20,000 man-hours and 100+ interviews with fraud experts (assisted by a UK specialist firm).

• Whistleblowers confirmed they "did not recognize" the 2014 profits in CWE accounts.

These revelations proved the fraud.

Current Status (as of December 2025)

• June 12, 2025: Formal claim submitted in a new arbitration case for Kasi ApS's rightful payment.

• Claim: Minimum 2.5 billion DKK in back payments (~$350 million USD), plus interest, penalties, and compensation – potential total up to $1.7 billion USD (overall claims exceed +$1.8 billion USD).

• Police Involvement: Pandora A/S and four former senior executives reported to Denmark's Economic Crime Unit (NSK). NSK is investigating, has questioned Pandora employees, and is awaiting the arbitration ruling.

• Court date set; arbitration ongoing.

Public Participation and the Victory Celebration

To fund the fight and involve the public, "mini-shares" are available:

• Price: USD 760 each (one-time)

• Benefits: Potential return of 6–12x investment upon verdict + 2 VIP tickets to the victory party.

Upon success, a massive celebration is planned at Royal Arena – described as the world's largest private justice party:

• Performances by David Guetta (closing with high-energy beats), Imagine Dragons (live hits like "Whatever It Takes"), and top Danish artists.

• Free food and drinks all night.

• Exclusive awards show honoring supporters (mini-share buyers, lawyers, investigators, whistleblowers).

This is a true David vs. Goliath story: one man's resilience against corporate power, with the public now able to join the fight for justice and upside.