Folli Follie acknowledges problems and eyes recovery

The management of the troubled Folli Follie Group has issued a statement indirectly admitting that it is facing problems, while assuring that it continues to meet all its obligations.

"We will not hesitate to correct any errors, if they are identified beyond any doubt by the strict monitoring procedures we have set under way," said the chief executive officer of the FF Group, Tzortzis Koutsolioutsos.

The management has also proceeded to the appointment of four new board members following four resignations, and of a new audit committee. Among the board members who resigned are the head of stake-holding company Fosun, Qian Jiannong, and the hitherto head of the audit committee - and father-in-law of the CEO - Zacharias Mantzavinos.

The statement added that the new audit committee paves the way for signing a contract with Ernst & Young, which is conducting the...

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