Blue Orca Capital (Blue Orca) have published a short report on Samsonite International (Samsonite), highlighting the company’s “questionable accounting practices and poor corporate governance.” You can download the report via their website – for ease of reference, it is also embedded below.

Blue Orca writes that Samsonite has “concealed slowing growth through debt fueled acquisitions and [that it has] massaged earnings and inflated margins through highly questionable purchase price accounting.” They also highlight “dodgy” related party transactions with Indian entities controlled by the company’s CEO Ramesh Tainwala and his family, as well as possible resume fraud by the CEO.

Blue Orca was co-founded by Soren Aandahl, who was one of the co-founders of short-seller Glaucus Research. The fund will focus primarily on short ideas in Asia, and China more specifically, but will also research potential targets in Europe and the United States.