ECONOMY

After spot check, watchdog ponders management change at Folli Follie

after-spot-check-watchdog-ponders-management-change-at-folli-follie

The Capital Market Commission is considering the immediate replacement of all board members of disgraced jewelry retailer Folli Follie that the regulator appointed in December when it ejected George Koutsolioutsos.

It was against this backdrop that its inspectors carried out a spot check at the listed company’s Athens headquarters on Thursday.

Once the final decisions are made, which will depend on the assessment of the findings of the snap inspection, recourse to justice for the appointment of a new management will be immediate, possibly at the start of next week.

This will have to be before the extraordinary general shareholders meeting scheduled for February 20, when the Koutsolioutsos family will attempt to use the majority stake George’s father Dimitris controls to appoint a management of the latter’s choice.

The Commission can be expected to take further initiatives as recent developments have curbed any reluctance the regulator might have had.

The spot check at the company’s headquarters took place a day after the start of Koutsolioutsos’ effort to take control of Folli Follie’s management, and was carried out along the lines of the checks performed at banks in late 2019.