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Links of London owner fined €20m for market manipulation in home country

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The security regulator in Greece has imposed fines of €20.3m (£17.4m) on Links of London owner, Folli Follie.

Along with ten former and current top executives within the luxury jewellery maker, the regulator cited market manipulation over 2016 financial information for the reason behind the fine.

According to news agency Reuters, a hedge fund report in May, which suggested how the company misrepresented sales has sent Folli’s shares, which have since been suspended, into a downward spiral.

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The news has led to a legal investigation and subsequent resignation of the company’s founders.

The same Reuters article went on to describe how despite Folli not being immediately available for comment, a senior company source said last week that it is in talks with three bondholders with the hope of putting together a restructuring plan ‘within days.’

Last year, the commission imposed a €4m fine on Folli and nine then incumbent and former executives, also citing market manipulation over 2017 financial information.

Alongside its jewellery work, Folli is a distributor of international apparel brands in Greece which include the likes of Nike and Calvin Klein.

Follie Follie Group is listed on the Greek Stock Exchange. It has not made any comment on the fine.

Tags : BusinessfinancialFolli Follie Group

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