Former CEO of Greek jeweller Folli quits board

Folli Follie SA

17/12/2019 11:24

ATHENS, Dec 17 (Reuters) - The former chief executive
officer of Greek jewellery maker Folli Follie  HDFr.AT  has
resigned from the company's board, Folli said on Tuesday.
    George Koutsolioutsos, the son of Folli's founders Dimitris
and Ekaterini, stepped down from the CEO post in December last
year after a hedge fund report questioned the company's
accounting.  urn:newsml:reuters.com:*:nL8N1YN5H5
    The report led to a suspension of Folli's shares, a fine by
Greece's securities watchdog and an legal investigation into the
case.
    Koutsolioutsos, a non-executive member at the board since
last year, submitted his resignation on Monday, Folli said. 
    Greek lawmakers last month approved a law which allows the
securities regulator to request the replacement of a board
member, under certain conditions.
    The securities regulator said on Monday that it had filed a
petition for Koutsolioutsos replacement and a court had
temporarily allowed it. 
    Folli published delayed audited financial statements for
2017 in July that showed it had overstated annual revenue by
more than 1 billion euros ($1.10 billion). Last month, it
reached a preliminary deal with some of its creditors over a
rescue plan.  urn:newsml:reuters.com:*:nL8N2872UK 
    Dimitris Koutsolioutsos is still the biggest shareholder in
Folli, owning a 35% stake, according to Refinitiv Eikon data.
        
($1 = 0.9073 euros)

 (Reporting by Angeliki Koutantou, editing by Louise Heavens)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))