Folli Follie

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.

Greek banks are about to auction off Folli Follie's 35.7 percent stake in Attica Department Stores to recoup funds they loaned to the troubled jewelry group.

The holding was used as collateral for the loan issued to Folli Follie last May, when the group started feeling repercussions after the revelation of discrepancies in its financial reports.

A Greek court has rejected a request by Greek jewelry maker Folli Follie for temporary protection from its creditors before it completes a restructuring plan, a judicial source said on Monday.

Folli, whose shares have been suspended since May, said last week that management was producing a revised business plan together with Deloitte for restructuring its operations.

The Athens Court of First Instance on Thursday heard a request by troubled jewelry firm Folli Follie for protection from its creditors under Article 106a of Greece's Bankruptcy Code.

Greek jewelry maker Folli Follie said on Thursday it had appointed a new chief executive officer and operations chief for its Asian business, which has been at the center of an accounting scandal that has led to judicial and stock market investigations.

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.

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."

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 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.