Folli Follie: Court sentences company owners to 10-17 years in prison

A three-member Criminal Court of Appeal handed down sentences of 10 to 17 years in prison to three members of the Koutsolioutsos family and two of their accomplices, who were found guilty of falsifying the financial data of the company Folli Follie.

The long-running trial over the financial scandal at Folli Follie has ended. The court handed down the longest sentence to the group's founder, Dimitris Koutsolioutsos, handing down a 17-year prison term for the 83-year-old defendant. Georgios Koutsolioutsos was sentenced to 11 years in prison, while his wife, Ekaterini Koutsolioutsou, was sentenced to 10 years in prison.

The two convicted associates of the Koutsolioutsos family were given 10 years in prison for one woman and 15 years for the fugitive former head of the company's Asian branch. After deliberations, the court refused to stay the Koutsolioutsos family's sentences pending appeal, but granted a request that the elderly Koutsolioutsos and his wife, Kaiti, serve their sentences under house arrest rather than in prison. Tzortzis Koutsolioutsos was found to be at risk of reoffending and will be sent to prison.

The court also refused to unfreeze the assets of the Koutsoliutsu family and Folli Follie in favor of the temporary administration of the company, as demanded by its representatives, since this “is vital to completing the company's restructuring process.” It was unanimously decided that these assets remain frozen and are used to pay compensation to victims in the case, which include minority shareholders, EFKA, Alpha Bank and the National Fund of Greece (Growth Fund).

The 15-year sentence handed down to the family's accomplice in Asia, who remains on the run but is represented in court by a lawyer, has not been suspended pending appeal. The woman, also convicted as an accomplice to the crimes and sentenced to 10 years in prison, has had her sentence suspended pending appeal with additional restrictions: to remain in the country, report regularly to a police station and pay bail of €10,000.

amna.gr

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