Probe into Folli Follie will be ready by August 10

Ernst & Young expects its inspection into the finances of troubled jewelry group Folli Follie to be completed by August 10, according to EY Greece Chief Executive Panagiotis Papazoglou.

Speaking at a press conference on the exporting character of Greek enterprises on Wednesday, Papazoglou stressed that the conclusions will also concern the Folli Follie group’s cash reserves, seen as the most important dimension of its finances.

The results will be announced along with those of the forensic investigation into the group, which according to sources has been undertaken by Alvarez & Marshall.

The data that EY has so far received only concern Folli Follie activities in Greece. Asked whether EY has received any financial data on the group’s subsidiaries abroad, Papazoglou said that “it is not unlikely this will happen in the next few days.”

He went on to clarify that EY has not yet been paid for the probe it is conducting, saying that this is expected later on in the process and by its completion.

On Tuesday Folli Follie said that the conditions formed did not allow for the rechecking of the group’s financial data, leading to the forensic investigation.