Greek jeweler Folli Follie fined again by regulator

Folli Follie SA

28/02/2019 16:30

ATHENS, Feb 28 (Reuters) - Greece's securities regulator on
Thursday imposed fines worth 20.3 million euros ($23.10 million)
on luxury jewellery maker Folli Follie  HDFr.AT  and 10 former
and current top executives, citing market manipulation over 2016
financial information.
    The Hellenic Capital Market Commission said Folli and the
executives violated rules on market manipulation over the
retailer's 2016 financial statements.
    Folli was not immediately available for comment.
    A hedge fund report in May suggesting the company
misrepresented sales sent Folli's shares into a tailspin,
prompted a legal investigation, fines from the Greek securities
watchdog and the resignation of the company's founders. 
    Its shares have been suspended since last May.
    A senior company source said last week that Folli is in
talks with three bondholders hoping to firm up a restructuring
plan "within days". urn:newsml:reuters.com:*:nL5N20H1TZ
    The Commission last year imposed a 4 million euro fine on
Folli and nine then incumbent and former executives, also citing
market manipulation over 2017 financial information.
 urn:newsml:reuters.com:*:nL5N1UT77X
    Along with its luxury jewellery trademark, Folli distributes
international apparel brands in Greece, including Nike and
Calvin Klein. It employs 5,000 people in its home market and
abroad, including in China and Japan.
    
($1 = 0.8787 euros)

 (Reporting by Angeliki Koutantou
Editing by Alexandra Hudson)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))