Former CEO of Greek jeweller Folli quits board

The former chief executive officer of Greek jewellery maker Folli Follie has resigned from the company’s board, Folli said on Tuesday.

George Koutsolioutsos, the son of Folli’s founders Dimitris and Ekaterini, stepped down from the CEO post in December last year after a hedge fund report questioned the company’s accounting.

The report led to a suspension of Folli’s shares, a fine by Greece’s securities watchdog and an legal investigation into the case.

Koutsolioutsos, a non-executive member at the board since last year, submitted his resignation on Monday, Folli said.

Greek lawmakers last month approved a law which allows the securities regulator to request the replacement of a board member, under certain conditions.

The securities regulator said on Monday that it had filed a petition for Koutsolioutsos replacement and a court had temporarily allowed it.

Folli published delayed audited financial statements for 2017 in July that showed it had overstated annual revenue by more than 1 billion euros ($1.10 billion). Last month, it reached a preliminary deal with some of its creditors over a rescue plan.

Dimitris Koutsolioutsos is still the biggest shareholder in Folli, owning a 35 percent stake, according to Refinitiv Eikon data. [Reuters]