Folli Follie
Folli Follie appoints a new chairman
Greek jewelry maker Folli Follie appointed Nikolaos Kanellopoulos as its chairman on Monday to replace one of its founders who stepped down last month amid an investigation into the company's finances.
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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."
Court freezes bank accounts of Folli Follie founders
A court in Athens ordered the freezing of all bank accounts and safe deposit boxes used by the Koutsolioutsos family, the founders of the troubled jeweler Folli Follie, as well as those of the company's board members, amid a judicial probe into Folli's finances.
Folli Follie creditors to seek control of company
Folli Follie bondholders are demanding the departure of its chief executive officer Tzortzis Koutsolioutsos before they start discussing a possible restructuring of the jewelry company's borrowing, Kathimerini understands following Wednesday's meeting of their representatives in London.
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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.
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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.
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ATHEX: Benchmark climbs above 700 points
The benchmark of the Athens bourse managed to top 700 points on Wednesday after 12 sessions below the psychologically important level, as the situation at Folli Follie became clearer and Greek bond yields continued to ease. This time it was non-bank blue chips that drove the main index and turnover higher.
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Folli's chairman, vice-chair step down amid jeweler's financial woes
Folli Follie's chairman and vice-chairperson stepped down after a preliminary audit of the troubled jewellery maker revealed discrepancies in 2017 financial statements, Folli said on Wednesday.
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.
Folli Follie board decides departure of founders
After a marathon session late Tuesday, the board of directors of Folli Follie decided on the departure of Dimitris and Ekaterini Koutsolioutsou - founders, major shareholders and executive members of the company.
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