Greece’s Ex-Securities Chairman Charged over Folli Follie Scandal

ATHENS – The long-running scandal around Greece's jewelry and accessory maker Folli Follie now has seen Charalambos Gotsis, former chairman of the Hellenic Capital Market Commission, was charged with breach of duty.

A prosecutor accused him in connection with the 2018 embezzlement case against the company after he allowed its shares to be traded for 21 days before deciding on their suspension to protect shareholders.

That was despite the revelation of wrongdoing that was cited earlier by the American fund Quintessential Capital Management (QCM) which revealed the financial problems the company was facing and money mismanagement.

Prosecutor Spyros Pappas, who is handling the case, also referred to trial ex-chief executive Tzortzis Koutsolioutsos, son of company founder Dimitris Koutsolioutsos, and security director Nikolaos Sakos for moral instigation, said Kathimerini.

An audit report by PricewaterhouseCoopers published in December 2020 showed that the company’s major shareholders, the Koutsolioutsos family, conducted a massive fraud scheme for at least 17 years.

That was carried out under what was supposed to be surveillance from the capital markets commission, the company management siphoning off hundreds of millions of euros and getting away with it without prosecution.

In an email included in an audit report between the Folli Follie executives, Gotsis was said to have tried to cover up his alleged mismanagement, giving instructions to make it seem like he was doing his job, the report also said.


ATHENS - Once dominating the world’s maritime industry, Greece’s shipping fleet now finds itself trailing Japan and China in total asset values for vessels and fleet size.

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.


Firefighters Seek to Corral Massive Texas Wildfires Before Weekend of Higher Temperatures and Winds

CANADIAN, Texas (AP) — The explosive growth of the second-largest wildfire in Texas history slowed as winds and temperatures dipped but the massive blaze was still untamed and threatening more death and destruction.

MOSCOW (AP) — Russian President Vladimir Putin vowed Thursday to fulfill Moscow’s goals in Ukraine and sternly warned the West against deeper involvement in the fighting, saying that such a move is fraught with the risk of a global nuclear conflict.

ATHENS - The greatest problem in Greece following the restoration of democracy in Greece is the missed opportunities, Prime Minister Kyriakos Mitsotakis said on Thursday evening in a discussion at the "Metapolitefsi: 50 Years Later" conference, which focuses on the fifth-decade anniversary of the restoration of democracy in Greece.

NEW YORK – The Greek Orthodox Folk Dance & Choral Festival Ministry of the Metropolis of San Francisco is dedicated, through Orthodox Christian Fellowship and committed leadership, to promoting, encouraging and perpetuating the Orthodox faith, Greek heritage and culture among individuals, families and communities by expressing it through folk dance, folk art, music and language.

NEW YORK – Greek-American Ellie Falaris Ganelin, gifted musician and Greek Chamber Music Project Director, announced a special replay of a concert to be broadcast on Leap Day, February 29.