ECONOMY

Former Folli Follie strongmen made millions out of fake data

former-folli-follie-strongmen-made-millions-out-of-fake-data

Troubled jewelry maker Folli Follie’s new board has sued founder and former chairman Dimitris Koutsolioutsos and his son and ex-chief executive Tzortzis Koutsolioutsos for reaping capital gains of 11.4 million euros between them in 2017 from the sale of the firm’s shares using the fake financial data of 2016.

It follows the completion of the inspection for the financial year 2016, with the monitoring authorities also deciding on Thursday to impose fresh fines on 10 individuals involved with the company adding up to 20.34 million euros, 10 million of which Dimitris Koutsolioutsos must pay and 5 million his son.