After Report Figures Faked, Folli Follie Assets Frozen

November 30, 2018

ATHENS – With Greece’s Capital Market Commission charging that jewelry and accessory maker Folli Follie falsified its balance sheet figures, the country’s anti-money laundering agency froze the company’s property assets, adding to its woes.

Media reports said that the move ends any hope of a bankruptcy plan to protect the company from creditors, who would have needed to agree to a restructuring by Jan. 22, 2019 and leaving its properties open to being seized for repayments.

“It would take a huge leap of confidence for creditors to sign that plan, let alone provide money; based on the past and the precedent of Folli Follie behavior, this is impossible,” an unidentified official involved in the matter told Kathimerini.

The commission, having finished reviewing the company’s financial report, is also expected to order more fines of some four million euros ($4.55 million), reports said, with findings sent to a prosecutor for review with felony charges possible, the business newspaper Naftemporiki said.

The commission has evidence of falsified figures dealing with the company’s cash reserves, among others, the paper said, adding that a probe is also continuing into the sale of securities by the company’s founder and primary shareholder Dimitris Koutsolioutsos, worth 23 million euros, ($26.17 million) to see if he derived monetary benefits from the transaction.

Its assets frozen by a court order after an audit found $1.29 billion missing from an Asian subsidiary, the company earlier lost a bid for protection from creditors when an Athens First Instance Justice ruled against its had proposal.


ATHENS — The flame that will burn at the Olympics is spending the night at the ancient Acropolis in Athens, a week before its handover to Paris 2024 organizers.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Indians Vote in the First Phase of the World’s Largest Election as Modi Seeks a Third Term

NEW DELHI (AP) — Millions of Indians began voting Friday in a six-week election that's a referendum on Narendra Modi, the populist prime minister who has championed an assertive brand of Hindu nationalist politics and is seeking a rare third term as the country's leader.

ASTORIA – The Greek Cultural Center (GCC) in collaboration with Boann Books and Media present ‘Boann and the Well of Wisdom’ at the GCC, 26-80 30th Street in Astoria, April 25-28, one weekend only.

ALBANY – New York State Assemblyman Michael Tannousis (R, C-Staten Island/Brooklyn) released a statement on April 18 concerning the state budget.

NEW YORK (AP) — A man who doused himself in an accelerant and set himself on fire outside the courthouse where former President Donald Trump is on trial has died, police said.

WASHINGTON (AP) — After its midnight deadline, the Senate voted early Saturday to reauthorize a key U.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.