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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.

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