Quintessential Capital Management
Some 14 months after Gabriel Grego and his fund, Quintessential Capital Management (QCM), exposed the goings-on at troubled Greek jewelry maker and retailer Folli Follie, leading to the suspension of trading in the latter's stock and hurting many investors and funds, the same fund is back in the spotlight, this time blowing the whistle on an Italian firm.
A Greek court has rejected a request by Greek jewelry maker Folli Follie for temporary protection from its creditors before it completes a restructuring plan, a judicial source said on Monday.
Folli, whose shares have been suspended since May, said last week that management was producing a revised business plan together with Deloitte for restructuring its operations.
A financial prosecutor has ordered a freeze of the assets belonging to a chartered accountant of troubled Greek jewelry maker Folli Follie and those of an executive of the company's subsidiary in Hong Kong.
According to reports, prosecutor Yiannis Dragatsis ordered the freeze because the financial executive sent "falsified data from Asia" which the accountant "approved."
A Greek court on Wednesday extended an injunction protecting jewelry maker Folli Follie's assets from creditors by two months, a judicial source said.
Folli, which employs about 5,000 people worldwide, had obtained a temporary court injunction to protect its assets.
A group of creditors sought the lifting of the injunction to recoup loans.