Rothschild resigns as financial advisor to FFG, media report says

Investment banking company Rothschild has reportedly resigned as principal financial advisor to troubled jeweller Folli Follie Group (FFG), shortly before the deadline for the publication of the forensic and financial reviews on both in the parent company and its subsidiaries, Greek news website euro2day.gr reported on Tuesday.

According to the website, the banking company, which was expected to help with the restructuring of FFG after the completion of all the audits, ended its cooperation with the company just three months into the agreement.

Folli appointed Rothschild in June as advisor, after entrusting Ernst & Young (EY) with a specific audit of certain items of its 2017 consolidated financial statements.

The company has also employed Alvarez & Marsal (A&M) to conduct a forensic review in the financial statements of its Asian subsidiaries.

FFG has said is expects A&M’s evaluation by the end of September which will allow EY to complete its own work.