Folli Follie files for protection
Luxury jewelry maker Folli Follie, whose finances are being investigated by Greek authorities, has obtained a temporary court injunction to protect its assets, it said yesterday. Folli Follie’s shares plunged in May after equity fund Quintessential Capital Management (QCM) issued a report saying the company had overstated the number of retail
The Greek landline broadband networks showed marginal improvements in 2017-18 according to the annual report of the National Telecommunications and Post Committee. The report showed a 10 to 25 percent rise in data speeds, but also stressed the increase in response delays, creating ‘bottlenecks’ in Greece’s internet. outlets it operates worldwide and raised concerns over its reported finances. Folli Follie said the claims in the report were unfounded and misleading but Greece’s securities regulator suspended its shares from trading on May 25 after the firm failed to provide requested financial data. A Greek prosecutor has ordered a preliminary investigation into the company. Folli Follie said the injunction, granted by an Athens court, was aimed at maintaining the proper operation of the firm and preventing any impairment in the value of the company’s assets and allowing it to focus on a comprehensive restructuring plan. “The predominant point of such a plan is expected to be the complete restructuring of the company’s financial operation to safeguard the interests of its shareholders, creditors, partners and investors and preserve all working positions,” it said in a bourse filing. Folli