Folli Follie

The court has rejected George Koutsolioutsos’s latest request for release, despite the prosecutor’s recommendation to grant a suspension of his sentence and allow his release under restrictive conditions.

Koutsolioutsos recently requested to serve his sentence under house arrest or to be released with restrictions, such as wearing an electronic bracelet.

The conviction of five top executives of jewelry maker Folli Follie for falsifying balance sheets and other financial offenses in an Athens court last week is "a victory for transparency and integrity in the financial markets," the founder of the hedge fund that revealed the fraud told Kathimerini.

Five top executives of troubled jewelry maker Folli Follie were convicted to 10-17 years in jail by a three-member Court of Criminal Appeals in Athens on Thursday, for falsifying balance sheets and other financial offenses, ending a monthlong trial plagued by delays. 

The decision on the sentences of the five defendants found guilty in the Folli Follie case was announced a short while ago by the Three-Member Court of Appeal for Criminal Matters of Athens, after a year-long hearing.

A year after the start of the hearing in the trial of the high-profile financial scandal of Folli Follie, the Third Criminal Court of Appeal, which has been hearing the case since last June, today announced its decision on the guilt of the defendants.

The case of Greek jewelry chain Folli Follie was a blow to the credibility of the Greek market, as it revealed the inadequacy of the supervisory authorities. But the blow that followed, with the slow pace of the judicial procedure, was perhaps more severe than the initial fraud scandal. 

The prosecutor in the Folli Follie trial has sought the conviction of the company's founder Dimitris Koutsoulioutsos, his son Tzortzis and two close associates on a number of different charges.

After months of legal proceedings, the trial of troubled jewelry maker Folli Follie has entered its final stretch, as the defendants' pleas have been completed and a date has been set for the prosecutor's recommendation. 

The defendants are charged with falsifying balance sheets and financial offenses and forming a criminal organization. 

It is unacceptable that cases which have tarnished the reputation of the country's economy, such as that of Greek jeweler Folli Follie, but also others of important political significance, are approaching the statute of limitations, because the judicial system is unable to deliver justice in time.

A few weeks before the start of the trial over the Folli Follie scandal, in which Dimitris and Tzortzis Koutsolioutsos are accused, the family's famous mansion on Spetses is reportedly at the center of talks about its utilization.