Folli Follie given a rather small fine

The Capital Market Commission has slapped Athens-listed Folli Follie Group and nine board members or officials with a fine of 4.02 million euros for market manipulation and violation of rules regarding data submission.

After some five hours of deliberations the stock market watchdog decided to impose the administrative penalties on the luxury jewelry company based on the conclusions of an investigation by its inspectors and legal counselors.

Following the regulator's decision, the case will now be forwarded to the competent prosecutor with the charge of manipulating the market through spreading false news and misleading the investing public.

This development came as a discussion of the main application for Folli Follie's entry into the pre-bankruptcy process remains pending; it will be examined on September 12. The temporary protection the blue chip company has...