Dimitris Koutsolioutsos

Former Folli Follie strongmen made millions out of fake data

Troubled jewelry maker Folli Follie's new board has sued founder and former chairman Dimitris Koutsolioutsos and his son and ex-chief executive Tzortzis Koutsolioutsos for reaping capital gains of 11.4 million euros between them in 2017 from the sale of the firm's shares using the fake financial data of 2016.

The downfall of Folli Follie

Folli Follie faces the threat of closure following the revelation of a hole of $290 million in the luxury jewelry company's cash reserves last year and $1 billion in Asia sales. These discrepancies are even greater than the most pessimistic estimates, including those by hedge fund QCM, which brought the case to light last May.

Alvarez & Marshall report finds 290 mln euro hole in Folli Follie's 2017 figures

The inspection by Alvarez & Marshall on the activity of troubled luxury jewelry maker and retailer Folli Follie in Asia last year has revealed huge discrepancies, Kathimerini understands, which led late on Tuesday to the resignation of company founders and leading executives Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou.