Greek-based international jewellery company Folli Follie has been shaken by scandal as 16 executives face serious criminal charges.
Greek assistant financial crimes prosecutor Yiannis Dragatsis on Tuesday charged the officials with creating a criminal organisation, forgery and manipulating stock market prices.
The company’s officials allegedly used fake bank statements to create inaccurate financial reports that misrepresented the real state of the company and its stock market profile.
The lengthy investigation centered around the activities of the Koutsolioutsos family, founders of Folli Follie.
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The activities of Dimitris Koutsolioutsos, his son Tzortzis, and another four individuals were probed between 2009 and the first quarter of 2018. They were charged with running, forming and joining a criminal organisation.
Executives charged include the finances chief, an employee of the group’s Asian subsidiary and the financial director of the company in Greece.
Six of the people charged with criminal forgery include three foreign nationals, whereas Dimitris and Tzortzis Koutsolioutsos are charged with morally instigating forgery. Thirteen people face charges of manipulating stocks, including three members of the family who founded the company as well as the company’s board from 2016-2017.
There are Folli Follie stores around the world, including one at Chadstone.
