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Follie Follie Gave $122 Million to Mystery Company

October 21, 2018

There was more trouble for failing Greek jewelry and accessory maker Follie Follie, facing closure after an audit said $1.29 billion was missing, with a report that the company made have given $122 billion through it’s Asian subsidiary to unknown recipients, including a business that may not exist, said Kathimerini.

The founders and leaders of the company resigned after the audit found discrepancies in cash reserves, including $1 billion in Asian sales, raising prospects the company would shut and not go into bankruptcy and try to re-emerge.

The final report of the Hellenic Accounting and Auditing Standards Oversight Board (ELTE), which sent its conclusions to the financial prosecutor’s office and anti-money laundering agency, said the interest-free loans were given without any business reasons, without collateral, to Landocean Industrial Limited, whose existence was in doubt, the paper said.

ELTE also reported that Folli Follie’s Asian subsidiary made sales of $995.1 million in 2017 and $862.5 million in 2016 to a firm named NG Boon Soon, another company whose existence is disputed.
Folli Follie’s main shareholder, the Koutsolioutsos family, which also controls the company, announced it had filed for the protection of subsidiary Links of London under the US bankruptcy code to protect it from from forced measures will mean the shutdown of six points of sale and nine shops-in-shops.

There was also talk that Chinese business giant Fosun, involved in a group trying to develop the former Hellenikon International Airport into a high-end site, could take part in restructuring of Follie Follie but there were no reports that anyone in the company was being prosecuted for anything.

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