Folli Follie’s problems are multiplying


Folli Follie’s effort to restore its credibility is under major threat following the resignation of a series of consultants the listed firm had hired after the revelation in May that its financial data do not reflect reality.

The situation is worsened by the Koutsolioutsos family’s reported refusal to withdraw from the front line of the luxury jewelry enterprise’s management.

Besides the termination of cooperation with Rothschild, upon the financial advisory group’s initiative, Folli Follie’s cooperation with international consultancy Ernst & Young is also said to be close to the end, with sources saying that the certified accountancy company that undertook to verify the 2017 financial report has already tendered its resignation to Folli Follie.

Sources aware of developments in the last few days say that E&Y cited its “difficult” cooperation with Folli Follie’s management and stakeholders and the company’s reluctance to swiftly deliver the data required. Other sources say the cooperation has not been terminated yet.

Kathimerini contacted the Capital Market Commission on Tuesday and sources from the bourse regulator responded that the checking of the figures must be completed.