ECONOMY

Investors can seek compensation from Folli Follie

investors-can-seek-compensation-from-folli-follie

The road is now open for the full compensation of investors with positions in the shares and bonds of troubled jewelry group Folli Follie since its heads, Dimitris and Georgios Koutsolioutsos, have been remanded in custody, the Hellenic Investors Association (HELINAS) argues.

The association led by lawyer Giannis Kyriakopoulos says the two Folli Follie strongmen, who are accused of the biggest corporate deception in recent years, will no longer be able to cover up what they have done and “hamper the investigation on matters such as the final destination of the 479 million [euros] borrowed that mysteriously vanished in Asia.”

HELINAS, which has represented bondholders seeking damages in similar cases of corporate mismanagement, further notes that the competent prosecutor ought to also investigate a possible series of crimes and misdemeanors committed in the last two-and-a-half years while the accused managers remained out of jail, such as obstruction of justice and concealing or destruction of crucial evidence.

Folli Follie founder Dimitris Koutsolioutsos and his son Georgios were jailed after their depositions before an investigative magistrate on Wednesday.