Folli Follie

Prosecutor orders asset freeze in Folli Follie case

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."

Folli Follie's market impact

The Alvarez & Marsal report on the chaotic discrepancies in the figures of luxury jewelry company Folli Follie appears to concern the foreign funds that have invested in Greece or are monitoring it, as well as fellow Greek listed companies, sources say. This is despite the largely anticipated outcome of the troubled company's case.

The downfall of Folli Follie

Folli Follie faces the threat of closure following the revelation of a hole of $290 million in the luxury jewelry company's cash reserves last year and $1 billion in Asia sales. These discrepancies are even greater than the most pessimistic estimates, including those by hedge fund QCM, which brought the case to light last May.

Alvarez & Marshall report finds 290 mln euro hole in Folli Follie's 2017 figures

The inspection by Alvarez & Marshall on the activity of troubled luxury jewelry maker and retailer Folli Follie in Asia last year has revealed huge discrepancies, Kathimerini understands, which led late on Tuesday to the resignation of company founders and leading executives Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou.

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