Greek jeweller Folli appoints new CFO

Greek jeweller Folli appoints new CFO

Greek jewellery maker Folli Follie has appointed a new chief financial officer as the troubled company seeks to overhaul its business after an accounting misconduct scandal.

George Samios, who holds a degree in banking, finance and risk management assumed the CFO role on Jan. 9, Folli said in a bourse filing late on Wednesday.

Folli last month unveiled a draft restructuring plan after a hedge fund report in May sent its shares into a tailspin, prompting a legal investigation, a fine from the Greek securities watchdog and the resignation of the company’s founders.

The company has admitted to large discrepancies in its 2017 financial statements after an initial audit, appointed new board members and begun talks with creditors on how it will be restructured to avoid collapse.

Under a process initiated last month to seek creditor approval of the planned overhaul, a bondholder meeting had been set for Jan. 9. However, Folli said on Wednesday that the meeting was adjourned because it was short of a quorum. [Reuters]

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