Folli Follie appoints a new chairman

Greek jewelry maker Folli Follie appointed Nikolaos Kanellopoulos as its chairman on Monday to replace one of its founders who stepped down last month amid an investigation into the company's finances.

Hedge fund Quintessential Capital Management said in a report last May that the company had overstated the number of its outlets. It also questioned its accounting practices in Asia where the company had expanded rapidly.

The report sent Folli Follie shares down sharply, led to a fine from the Greek securities commission and an investigation and the resignation of its founders, Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou, last month after a preliminary audit revealed wide discrepancies in 2017 financial statements.

Kanellopoulos, who has served as a non-executive board member, will replace Koutsolioutsos, Folli Follie said in a bourse filing.
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