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Society

Greece’s Teetering Follie Follie Jewelers Fined 4 Million Euros

August 3, 2018

ATHENS – Embattled jewelry and accessory maker Follie Follie, a Greek company with an international presence but faltering financially, was fined 4 million euros ($4.64 million) by the Capital Commission, assessed against nine individuals and the business.

The fines stem from violations, according to the commission, dealing with market manipulation and failure to provide requested financial data to regulatory authorities, the business newpaper Naftemporiki said.

The company has been suspended from the Athens Stock Exchange (ASE) and its Board Chairman, Dimitrios Koutsolioutsos and CEO Georgios Koutsolioutsos were each fined 1.2 million euros ($1.39 million) while the company was fined 600,000 euros ($695,740).

In June, The Hellenic Market Commission, which oversees stock exchange and markets, said it would file a suit against the company for failing to provide financial data as demanded.

The ASE on May 25 suspended trading of the company’s shares after the commission – and the company – asked for it with the shares collapsing and losing 70 percent of their market value over the previous month following reports inaccurate data had been supplied by FFG over its real financial standing.
Follie Follie, founded in Greece and with operations in 25 countries could be targeted by lawsuits from shareholders.

The group said it wanted more information on the company’s results from the market commission as well as the European Securities and Markets Authority (ESMA) and all interested parties, including the company, and the hedge fund Quintessential Capital Management (QCM), the paper said.

Folli Follie also blamed its problems on what it said it was because of a “coordinated dissemination of misleading news” regarding the company, with very negative impressions created, the paper said.

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