NEWS

Prosecutor orders asset freeze in Folli Follie case

TAGS: Business, Justice

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.”

Last week, a court rejected an injunction filed by Folli Follie for temporary protection of its assets from creditors.

The luxury brand was plunged into turmoil in May after a hedge fund, Quintessential Capital Management, expressed concern last May over the company's financial statements for last year and that it overstated the number of its outlets.

Online