Jyoti CNC subsidiary faces French probe, EUR 4M accounts seized
Jyoti CNC Automation's wholly-owned subsidiary, Huron Graffenstaden SAS, is under investigation by French authorities for alleged violations of export controls and documentation related to dual-use machinery. Interim measures include the temporary restriction of Huron Graffenstaden SAS's director general, the seizure of bank accounts totaling approximately EUR 4.0 million, and two residential properties owned by Jyoti SAS. A formal judicial investigation has been initiated. Huron Graffenstaden SAS refutes the allegations and plans to contest them. Jyoti CNC Automation believes the current business and operations of Huron Graffenstaden SAS remain usual and expects no adverse impact on its standalone business, which contributes over 85% of the group's revenue.
Key Highlights
- French authorities initiated investigation against Jyoti CNC's subsidiary Huron Graffenstaden SAS.
- Probe concerns alleged export control violations for dual-use machinery.
- Interim measures include seizure of ~EUR 4.0 million bank accounts and two properties.
- Subsidiary's director general temporarily restricted; formal judicial probe initiated.
- Jyoti CNC expects no adverse impact on its standalone business, contributing over 85% revenue.