• The apologies of the members of the Koutsolioutsou family who are on trial as the main defendants in the case of the falsified balance sheets of Folli Follie have been completed.
• Father, son and mother gave their own perspective on the biggest – as it was characterized – stock market fraud in the country’s modern financial history.
• Apart from the founder Dimitris Koutsolioutsou, who spoke of “beautifying” the financial statements, Tzorgis and Kaiti Koutsolioutsou denied everything.
• And they “showed” as responsible specific people who, as they said, trusted with closed eyes.
• The founder tried to remove all responsibility from his son, and his wife saying that they have nothing to do with the case.
• Instead, he indirectly assigned responsibility to the Regional Director of the Asian subsidiary FFGS and the former CFO of the Asia Sub-Group.
• These were two people who, as he told the president of the court, he trusted completely and had entrusted to them the financial management of the group’s activities in that area.
• They, as he said, had the idea of increasing the turnover in the financial statements.
… and the compensation for the big fraud
• Tzortzis and Kaiti Koutsoliutsou claimed that they learned about the smuggling after the fact.
• Tzortzis claimed he was shocked (!) when Alvarez’s report was published.
• He declared his willingness to compensate those who were damaged with money from his personal property.
• This is money that is reserved and amounts to approximately 4.1 million euros.
• Of course, the fraud is estimated to have damaged minority shareholders and bondholders around 1.5 billion euros!
• Among the parts of George’s apology that were commented on was the reference to his father for the role he had in the company.
• “From the beginning I felt it was a man’s beginning. My father had the first and last word. I felt like I wasn’t being heard,” the defendant said, among other things.
• “Not being heard,” he added, “troubled me… I had ideas and wanted to offer.
#Koutsoliutsos #exonerate #show #Folli #Follie #scandal #Economic #Mail
