Folli Follie gets injunction to protect assets, focus on restructuring

Folli Follie SA

23/07/2018 12:45

ATHENS, July 23 (Reuters) - Luxury jewellery maker Folli
Follie  HDFr.AT , whose finances are being investigated by Greek
authorities, has obtained a temporary court injunction to
protect its assets, it said on Monday.
    Folli's shares plunged in May after equity fund
Quintessential Capital Management (QCM) issued a report saying
the company had overstated the number of retail outlets it
operates worldwide and raised concerns over its reported
finances.
    Folli 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.  urn:newsml:reuters.com:*:nL8N1TS151
    Folli 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 allow 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 has ordered a financial audit which it expects to
conclude next month.

 (Reporting by Angeliki Koutantou; editing by Emelia
sithole-Matarise)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))