folli follie group

Five top executives of troubled jewelry maker Folli Follie were convicted to 10-17 years in jail by a three-member Court of Criminal Appeals in Athens on Thursday, for falsifying balance sheets and other financial offenses, ending a monthlong trial plagued by delays. 

A financial prosecutor on Friday charged 10 people with fraud and money laundering as part of the investigation into troubled Greek jewelry maker Folli Follie Group, including members of the Koutsolioutsos family, founders of the brand.

Chinese group Fosun, which controls 16 percent of Folli Follie, refused a request by the troubled Greek jewelry maker for a 20-million-euro loan the listed company needs to meet its obligations by end-January, when its streamlining plan application is to be examined by an Athens court.

Chinese group Fosun, which controls 16 percent of Folli Follie, refused a request by the troubled Greek jewelry maker for a 20-million-euro loan the listed company needs to meet its obligations by end-January, when its streamlining plan application is to be examined by an Athens court.

Three out of five banks that have issued loans to Folli Follie disagreed that the troubled jewelry company should be granted an injunction to protect it from its lenders when an Athens court examined its second application late on Thursday.

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.

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.