The founders of the embattled Folli Follie Group (FF Group) resigned on Tuesday evening in the wake of an explosive board of directors meeting and following the resignation of the troubled retailer and accessory maker's strategic consultants.
By S. Emmanuil
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The founders of the embattled Folli Follie Group (FF Group) resigned on Tuesday evening in the wake of an explosive board of directors meeting and following the resignation of the troubled retailer and accessory maker's strategic consultants.
The development also comes just before an eagerly awaited forensic evaluation on the multinational's economic figures and results by Alvarez & Marsal.
According to information received by "N", the seven-hour meeting witnessed back-and-forth accusations of poor management and questions over the ASE-listed company's - albeit suspended from trading since June 2018 - cash reserves. At the end of the meeting, FF founders Dimitris and Ekaterini Koutsoulioutsou resigned from the board.
Other reports held that representatives of the company's auditor, EY, also threatened to depart.
Alvarez & Marsal is due to present the forensic evaluation of the most recent annual results of the company's Asian subsidiaries.
According to reports, a previously cited figure of 446 million euros in reserves held by its Asian subsidiaries, as listed in 2017 reports, is directly questioned. The forensic report is due to be published in the coming days, if not on Wednesday.