ECONOMY

Fresh effort to rid Folli Follie of its owner

fresh-effort-to-rid-folli-follie-of-its-owner

The government is mulling a regulation that will suspend the voting rights of shareholders facing charges, such as the allegations against Dimitris Koutsolioutsos, the main stakeholder in jewelry company Folli Follie, on a recommendation by Capital Market Commission head Vassiliki Lazarakou.

This option, which is already being drafted, was deemed a necessary tool to halt the efforts of Folli Follie's main owner to install a management of his own preference, even though he is accused of tampering with the listed company’s financial data.

Nevertheless top-level sources at the Finance Ministry, which oversees the Capital Market Commission, have made no secret of their dislike that the ministry will have to legislate for a second time in three months to bring about a solution in the case that stains the credibility of the Greek securities market, at home and abroad.

The same sources say that after the November intervention imposing a temporary management on Folli Follie, the watchdog stopped short of ejecting more or all board members.