Folli

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.

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.

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.

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.