Quintessential Capital Management

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 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.

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.

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.

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.

Luxury jewellery maker Folli Follie, whose finances are being investigated by Greek authorities, has obtained a temporary court injunction to protect its assets, it said on Monday.

Luxury jewelry maker Folli Follie, whose finances are being investigated by Greek authorities while its shares have been suspended from trading, said late on Monday that a financial audit would be concluded in August.

Luxury jewellery maker Folli Follie, whose finances are being probed by the Greek authorities, said it needed time to conclude an audit and would fix any "operational failures".

Representatives of the Folli Follie Group and Ernst & Young will meet again on Friday with the Capital Market Commission to hear the confirmation of the stock market watchdog's demand for an independent probe by E&Y into the blue chip company. The meeting will determine the range and timetable of the inspection.