Folli Follie

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.

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. 

Dimitris Koutsolioutsos, founder of jewelry company Folli-Follie, began his defense in an Athens court Friday by highlighting his company's successes.

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.

There appears to be no end to the legal saga involving troubled Greek jewelry company Folli Follie as the trial that had been scheduled to resume on Monday was again postponed until September 14.

Barring any unlikely event, the Folli Follie trial is expected to begin on June 19 at the Court of Appeal for Felony Cases, as the Athens Bar Association has stated that the lawyers will attend the trial with special permission.