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Greek Jeweller Folli Follie Fined Again by Regulator

Previous reports stating that the company misrepresented sales sent its shares into a tailspin, prompted a legal investigation, a series of fines and executive resignations.
Folli Follie store front | Source: Shutterstock
By
  • Reuters

ATHENS, Greece — Greece's securities regulator on Thursday imposed fines worth €20.3 million ($23.10 million) on luxury jewellery maker Folli Follie and 10 former and current top executives, citing market manipulation over 2016 financial information.

The Hellenic Capital Market Commission said Folli and the executives violated rules on market manipulation over the retailer's 2016 financial statements.

Folli was not immediately available for comment.

A hedge fund report in May suggesting the company misrepresented sales sent Folli's shares into a tailspin, prompted a legal investigation, fines from the Greek securities watchdog and the resignation of the company's founders.

Its shares have been suspended since last May.

A senior company source said last week that Folli is in talks with three bondholders hoping to firm up a restructuring plan "within days."

The Commission last year imposed a €4 million fine on Folli and nine then incumbent and former executives, also citing market manipulation over 2017 financial information.

Along with its luxury jewellery trademark, Folli distributes international apparel brands in Greece, including Nike and Calvin Klein. It employs 5,000 people in its home market and abroad, including in China and Japan.

By Angeliki Koutantou; editor: Alexandra Hudson.

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