Troubled Greek jeweller Folli appoints new executives in Asia

Folli Follie SA

01/11/2018 13:26

ATHENS, Nov 1 (Reuters) - Greek jewellery maker Folli Follie
 HDFr.AT  said on Thursday it had appointed a new CEO and an
operations chief for its Asian business, which has been at the
centre of an accounting scandal that has led to judicial and
stock market investigations. 
    The company, a luxury brand with a distinct curvy peach
logo, has been in the spotlight after a hedge fund raised
concerns earlier this year about its 2017 financial statements.
    In May, Quintessential Capital Management said in a report
the company had overstated the number of its outlets and
questioned its accounting practices in Asia where the company
had expanded rapidly.  urn:newsml:reuters.com:*:nL8N1TS151  urn:newsml:reuters.com:*:nL5N1UJ2ZP
    The report sent Folli shares down sharply. 
    A preliminary audit ordered by the company revealed wide
discrepancies in the 2017 financial statements of its Asian
business, prompting Chairman Dimitrios Koutsolioutsos and
vice-chairperson Ekaterini Koutsolioutsou - the couple who
jointly founded the firm in 1982 - to step down.  urn:newsml:reuters.com:*:nL8N1WP28W
 urn:newsml:reuters.com:*:nL8N1WG0EZ  urn:newsml:reuters.com:*:nL8N1WC4LZ
    In a stock market filing, Folli said Ioannis Grispos had
taken over as chief executive officer of its Asian subsidiary.
Grispos, who has many years experience in consulting and
financial planning, replaces Ioannis Begietis.
    The firm also said Steven Yaung had assumed the new post of
chief operating officer in Asia.
    A Greek court ruled last month that the bank accounts of
Folli's biggest shareholders, the Koutsolioutsos family and
other incumbent and former board members and executives, should
be frozen pending an inquiry into its 2017 financial statements.
 urn:newsml:reuters.com:*:nL8N1WP28W

 (Reporting by Angeliki Koutantou; Editing by Mark Potter)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))