Folli Follie: The case is finally on trial – the appeals of 4 defendants were rejected

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By Panagiotis Stathis

The 13 accused in the Folli Follie scandal will finally sit on the bench, where they will be called to account for serious crimes and an estimated damage of over 400 million euros.

The Athens Board of Appeals rejected the appeals filed by four defendants against their referral and upheld the first instance panel of the Athens Criminal Court, which referred 13 people to trial, including the three members of the Koutsolioutsou family.

The categories

The family together with the other accused executives of the group are accused of criminal organization, forgery together and continuously with total benefit and corresponding damage over 120,000 euros, fraud by conspiracy and continuously committed against natural and legal persons, NPID and NPDD, with a loss of more than 120,000 euros, manipulation of the market jointly, professionally and continuously and money laundering of proceeds of criminal activities in collusion and continuously.

Dimitris Koutsolioutsos, the founder of the company, is additionally accused of the crime of abuse of privileged information continuously and professionally, while the estimated damage caused by the actions of the accused amounts to 413,078,346.17 euros, without the exact its height to have been calculated.

The parliament

According to the council, from the year 2006 onwards, Dimitrios Koutsolioutsos and his son, George, who are said to be moral perpetrators, formed a criminal organization, which included at least 11 people, each of them, with a separate and distinct role. According to the committee, they were preparing forged bank documents (statements), falsely presenting huge sums of money to show a robust financial picture. It is typical that in a bank account in which the company had a balance of only 60 euros, they showed 70,000,000. The defendants then sent the above forged documents (with the help of their accomplices) to their co-accused in China and used them either for lending or to falsely present to foreign investors that the company allegedly had huge reserves of money. . At the same time, with forged documents, they presented a huge turnover in China, with alleged transactions either with non-existent companies or with companies that had no commercial activity but were presented as subsidiaries. Subsequently, the falsified financial statements of the “pseudo-companies” in China, D. Koutsolioutsos and his son, sent them to Greece and asked to be consolidated with the balance sheets of the companies of the other sub-group operating in Greece, Europe and B America.

Thus, they managed to deceive the investing public and the stock exchanges, as well as the executives of the banks, by extracting huge amounts of money in the form of loans. They also managed to manipulate the market, and a number of individuals and legal entities, who actually bought a share in an amount much higher than its real value.

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Source From: Capital

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