Folli Follie

Folli Follie's effort to restore its credibility is under major threat following the resignation of a series of consultants the listed firm had hired after the revelation in May that its financial data do not reflect reality.

The situation is worsened by the Koutsolioutsos family's reported refusal to withdraw from the front line of the luxury jewelry enterprise's management.

Investment banking company Rothschild has reportedly resigned as principal financial advisor to troubled jeweller Folli Follie Group (FFG), shortly before the deadline for the publication of the forensic and financial reviews on both in the parent company and its subsidiaries, Greek news website euro2day.gr reported on Tuesday.

Inspections into the finances of troubled luxury jewelry maker and retailer Folli Follie by Alvarez & Marsal and Ernst & Young point to a hole of 280 million euros in the company's 2017 figures, sources have told Kathimerini.

The stake that the troubled Folli Follie group holds in Attica Department Stores has attracted the interest not only of the retailer's other shareholders but also that of another investor, Kathimerini understands.

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.

A group of Folli Follie's creditors are calling for an injunction protecting the Greek jewelry maker's assets to be lifted, saying they are due 44.5 million euros.

Troubled luxury jewelry firm Folli Follie Group (FFG) is reportedly seeking judicial protection from its creditors abroad in order to manage the restructuring of loans that have been issued outside of Greece.

News that a creditor of luxury jewelry maker Folli Follie Group has terminated its loan agreement with the company could be the beginning of the end for the troubled firm, Gabriel Grego, the head of equity fund Quintessential Capital Management (QCM), told Kathimerini on Thursday.

"The case of Folli Follie has just started, and the truly important developments are yet to come," the head of the QCM fund, Gabriel Grego, has told Kathimerini.

The Capital Market Commission has slapped Athens-listed Folli Follie Group and nine board members or officials with a fine of 4.02 million euros for market manipulation and violation of rules regarding data submission.