Folli

The case of the falsification of financial data by jewelry firm Folli Follie is gradually entering the stage of creditor satisfaction with the confiscation of assets belonging to the Koutsolioutsos family.

Two full years after the scandal broke at Folli Follie, the troubled jewelry company's new management is close to completing its streamlining plan and starting the restructuring process according to the bankruptcy code, Kathimerini understands.

The Quintessential Capital Management fund, whose managing partner Gabriel Grego was instrumental in revealing the true state of Greek jewelry company Folli Follie, has now claimed in a report that music streaming company Akazoo SA will be the next Greek enterprise to crumble. Akazoo, listed on the Nasdaq since last September, is accused of trying to profit at its shareholders' expense.

Just 20 days before the second anniversary of the outbreak of the Folli Follie crisis, the coronavirus pandemic appears to have dealt the troubled jewelry company the fatal blow.

Two years after the scandal of jewelry company Folli Follie broke out, a new bill by the Finance Ministry is seen leading to the strengthening of corporate governance and the institutional shielding of the Greek stock market.

The government is mulling a regulation that will suspend the voting rights of shareholders facing charges, such as the allegations against Dimitris Koutsolioutsos, the main stakeholder in jewelry company Folli Follie, on a recommendation by Capital Market Commission head Vassiliki Lazarakou.

The raid conducted on Thursday by a team of inspectors from the Capital Market Commission on the northern Athens headquarters of disgraced jeweler Folli Follie was absolutely necessary, but it was also long overdue.

The Capital Market Commission is considering the immediate replacement of all board members of disgraced jewelry retailer Folli Follie that the regulator appointed in December when it ejected George Koutsolioutsos.
It was against this backdrop that its inspectors carried out a spot check at the listed company's Athens headquarters on Thursday.

Inspectors of the Capital Market Commission on Thursday carried out a spot check at the headquarters of disgraced listed Greek jewelry retailer Folli Follie in northern Athens, sources have told Kathimerini.
The surprise inspection is seen as part of the Commission's efforts to restructure the company and assign responsibility for its troubles.

The main shareholder of disgraced listed Greek jewelry retailer Folli Follie is seeking to install a new administration at the company's helm and will be petitioning shareholders for the removal of the board's president and three other members and their replacement by executives from the company's existing roster, Kathimerini understands.