Folli Follie fined £17.4m for manipulating 2016 financial statement

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Folli Follie
// Folli Follie fined £17.4m for market manipulation over its 2016 financial statements
// 10 former and current executives have been fined by Greece’s securities regulator
// The retailer’s shares have been suspended since last May

Folli Follie, as well as 10 former and current top executives have been fined €20.3 million (£17.4 million) by Greece’s securities regulator.

The Hellenic Capital Market Commission said the Greek jewellery retailer and the executives breached the rules on market manipulation over its financial statements for 2016.

A hedge fund report in May suggesting that Folli Follie misrepresented sales sent its shares into decline, initiated a legal investigation, fines from the watchdog and the resignation of the retailer’s founders.

Folli Follie’s shares have been suspended since last May.

The jeweller was now reportedly in talks with three bondholders hoping to come up with a restructuring plan “within days”.

Folli Follie currently employs 5000 people globally.

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