x

Society

Facing Criminal Charges, Folli Follie Executives Still Control Board

February 10, 2020

ATHENS – The New Democracy government is reportedly planning to suspend the voting rights of top executives of the troubled Greek jewelry and accessory making Folli Follie who are trying to remove board members who want to settle with creditors during long-running bankruptcy procedures.

The measure is aimed at main stakeholder Dimitris Koutsolioutsos, the main stakeholder in jewelry company Folli Follie, on a recommendation by Capital Market Commission head Vassiliki Lazarakou.

There’s been no explanation why he hasn’t already been prosecuted and as he’s been seeking to to install a board and manager of his preference while accused of tampering with the listed company’s financial data.

Unidentified sources at the Finance Ministry, which oversees the Capital Market Commission, told Kathimerini there’s dismay they have to legislate for a second time in three months in a case they said stains the reputation of the Greek securities market.

The same sources said that after a November 2019 measure imposing a temporary management on Folli Follie, the market watchdog stopped short of ejecting more or all board members, apparently without explanation.

Koutsolioutsos, accused of market manipulation, forgery, and forming a criminal organization, made his move two months after the country’s Capital Market Commission demanded the resignation of his son, former CEO Georgios Koutsolioutsos.

Before the government said it would step in, sources who weren’t identified told Kathimerini the plan to replace board members would be presented to the board at an upcoming emergency meeting of Folli Follie shareholders and then to the commission overseeing the markets in Greece.

Based on a lengthy investigation by prosecutor Yiannis Dragatsis, the actions concern members of the Koutsolioutsos family, the founders of the Folli Follie group, but also the firm’s executives between 2009into early 2018.

Dimitris Koutsolioutsos, his son Tzortzis and another four individuals are charged with running, forming and joining a criminal organization, including the head finance chief, and an employee of a subsidiary in Asia, as well as the company’s Greek financial director.

Six people, of which three are foreign nationals, stand accused of criminal forgery and Dimitris and Tzortzis Koutsolioutsos of morally instigating forgery, while 13 people face charges for manipulating stocks, including three members of the Koutsolioutsos family and the rest of the company’s board in 2016-2017.

RELATED

ATHENS - The government will allow some relaxation of measures for the coronavirus pandemic, Health Minister Thanos Plevris said on Thursday, including the use of music in food and entertainment centers and longer opening hours at these.

Top Stories

Associations

ASTORIA – The Pancyprian Choir of NY held its first meeting of 2022 and shared best wishes for the New Year with their annual cutting of the traditional vasilopita at Dionysos Taverna in Astoria on January 24.

Associations

BRONX, NY – In a festive atmosphere, the traditional cutting of the vasilopita was held by the Northern Chios Society of Pelineon Agia Markella in the community hall of Zoodohos Peghe Greek Orthodox Church in the Bronx on January 23.

Society

ATHENS – A major snow storm that had been predicted for days still caught residents in Greece offguard and the New Democracy government scrambling for answers as to why motorists were stuck for hours on major roads.

Video

Democrats Eye Supreme Court Pick to Revive 2022 Prospects

Democrats stung by a series of election year failures to deliver legislative wins for their most loyal voters hope they'll be buoyed by the prospect that President Joe Biden will name the first Black woman to serve on the Supreme Court.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

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