Capital market regulator set to take Folli Follie to court

The Capital Market Commission is toughening up its attitude toward the listed Folli Follie group, with sources at the stock market watchdog saying that a decision has already been reached to take its board members to court on charges of manipulating the market.

This decision was reached at last month's CMC board meeting, which also decided to sue Folli Follie for not submitting the data demanded by the regulator. The latter has also sent a request to an Athens court asking that the company be put into administration.

Sources say that the CMC is accusing Folli Follie of manipulating the market by spreading false news, while the jewelry company has also yet to provide any answers regarding its cash reserves.

In this context the listed enterprise has until Friday to present its positions via a memorandum, but it is expected to seek and obtain a week's extension.