Greek regulator imposes 4 mln euro fine on jewelry maker Folli over market manipulation (updated)

Folli Follie SA

02/08/2018 16:28

(Adds detail, background)
    ATHENS, Aug 2 (Reuters) - Greece's securities regulator on
Thursday imposed a 4 million euro ($4.64 million) fine on luxury
jewelry maker Folli Follie  HDFr.AT  and nine incumbent and
former top executives, citing market manipulation over 2017
financial information.
    Folli and the executives, including chairman Dimitrios
Koutsoulioutsos and chief executive George Koutsolioutsos,
manipulated the market because they did not provide data
confirming 242.5 million euros cash reserves reported in the
2017 financial statements, the Hellenic Capital Market
Commission said in a statement.
    "In those financial statements, the individuals provided
information which gave false or misleading indications about the
company's share price," the statement said.
    Folli has said the claims in the report were unfounded and
misleading. 
    Folli's finances are being investigated by Greek authorities
after equity fund Quintessential Capital Management (QCM) issued
a report saying the company had overstated the number of retail
outlets it operates worldwide and raised concerns over its
reported finances.
    Folli's shares plunged in May after the report and the
regulator suspended their trading on May 25 after the firm
failed to provide requested financial data.
    A Greek prosecutor has ordered a preliminary investigation
into the company.  urn:newsml:reuters.com:*:nL8N1TS151 
    Last month, Folli obtained a temporary court injunction to
protect its assets  urn:newsml:reuters.com:*:nL5N1UJ2ZP.

($1 = 0.8613 euros)

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