A prosecutor has indicted 16 executives of Greek jewellery firm Folli Follie including its founder Dimitris Koutsolioutsos and his son George Koutsolioutsos.

The criminal prosecution includes allegations of manipulating stock market prices, forgery, and running a criminal organisation.

The case relates to the period from 2009 to the first quarter of 2018, when the defendants are alleged to have forged bank statements that were then used to write inaccurate balance sheets and misrepresent the real state of the company and its stock market profile.


Among those also indicted are executives of the Group’s subsidiary in Asia, as well as the Greek financial director of the company.

However, the investigation largely centres around the activities of the Koutsolioutsos family, the founders of Folli Follie.

Yesterday (Tues Dec 17) the company said announced that George Koutsolioutsos had resigned from the company’s board.

Six of the executives have been charged with criminal, 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.

The scandal has had ripple effects in the UK market, with British brand Links of London, which was owned by Folli Follie, plunging into administration earlier this year.

Links of London falls into administration after failed hunt for buyer