FF board members’ accounts seized
All bank accounts and safe deposit boxes belonging to the Koutsolioutsos family as well as other Folli Follie board members were seized yesterday following an Athens court decision.
The ruling reached the credit institutions late yesterday, asking them to immediately freeze the accounts and lock down the deposit boxes of those concerned.
The troubled jewelry company will convene for a general meeting today at noon, but Tzortzis Koutsolioutsos’s management will ask for a postponement of the discussion and voting on the approval of the group’s 2017 financial results, simply because they do not exist. Fosun, which controls about 16 percent of the company’s shares, may consent, although sources from the Chinese stakeholder told Kathimerini that “it would be wise not to take any of our moves for granted.”
Another problem is that an auditing firm has not yet been appointed to examine Folli Follie’s financial details; that is necessary in order to have figures that match reality, even though Alvarez & Marsal has done most of the work regarding the group’s activity in Asia, and Ernst & Young has covered most of the project in Greece. It is widely believed that this is because there will be a conflict of interest if these firms are appointed, as they already have a paid contract with Folli Follie.