Folli

The Justice Ministry on Wednesday forwarded the case file containing the findings of an investigation into Nikos Pappas, the digital governance minister in the former SYRIZA-led government, to Parliament, which will debate the merit of accusations concerning his role in a contentious auction for TV licenses in 2016.

Κρίσιμη ημέρα για το σχέδιο σωτηρίας της Folli Follie

With judicial investigations regarding the Folli Follie scandal in full swing, the case file is being forwarded to Parliament, as two former ministers of the then SYRIZA government, Alekos Flambouraris and Alexandros Haritsis, have been implicated.

Three lawmakers of the main opposition filed a criminal complaint on Thursday against a former executive of troubled Greek jewellery maker Folli Follie concerning a series of leaked company emails which insinuate political interference to protect the company from regulatory oversight.

The troubled Folli Follie company's major shareholders, the Koutsolioutsos family, reaped the benefits of a well-orchestrated fraud scheme that lasted for at least 17 years, under the nose of the supervisory authorities, generating hundreds of millions of euros in profits, according to an audit report by PricewaterhouseCoopers.

It was clear that the case of Greek jewelry maker Folli Follie was not just about its shareholders.

It concerned the overall credibility of the Greek market. 

The supervisory institutions proved incapable of clearing up the case and the price was high for the country's image. 

A report by an auditing firm forwarded to the Athens prosecutor's office handling the investigation into the scandal involving the Folli Follie jewelry company has implicated two ministers of the former SYRIZA government, which are mentioned by name, as well as the prime minister's office.

Folli Follie: Οι Κουτσολιούτσοι αναζήτησαν πολιτική προστασία μετά την αποκάλυψη του σκανδάλου

Jewelry giant Folli Follie is embarking on a new chapter in its life, in the wake of an embezzlement scandal that resulted in founder Dimitris Koutsolioutsos and his son Tzortzis being remanded in custody.

Jewelry and fashion accessories company Folli Follie sustained losses of 121 million euros during 2019, or 44% less than in 2018, according to results as yet uncertified by chartered accountants.

Operational losses also declined, to about €74 million in 2019 from €156.2 million in 2018, despite turnover shrinking to €203 million from €297 million.