Swatch Group: Comments on media articles published today regarding the employment conflict with two former employees and their allegations about tax evasion

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The Swatch Group Ltd. is aware that Messrs. Joe Ede and M. Phanthala filed a complaint with the US Department of Labor alleging discriminatory employment practices under the Sarbanes-Oxley act.

The two persons had been working for the Swatch Group as regional controllers (not Senior Executives) in the Far East, one located in Hong Kong, and one in Singapore. Both persons were employed by The Swatch Group Management Services SA, Switzerland. They have never been employed in the USA.

The Swatch Group is of the opinion that it does not fall under the jurisdiction of the Sarbanes-Oxley act as its shares are not listed on a US stock exchange. Nevertheless, the Swatch Group takes the allegations very seriously and the Top Management ordered and started an internal investigation as soon as it was informed of the complaint.

The actual case reported by the Wall Street Journal and the Financial Times concerns a pure employment dispute between the Company and former employees, of whom one at least wishes to receive higher severance pay than agreed in his contract. The case was submitted to the US Department of Labor when Swatch Group refused a settlement, as proposed by the lawyer of the two employees.

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Swatch Group: Comments on media articles published today regarding the employment conflict with two former employees and their allegations about tax evasion