Folli Follie trial: Sentences of 10 to 17 years imprisonment imposed




The three-member Court of Criminal Appeals imposed sentences ranging from 10 to 17 years in prison on three members of the Koutsolioutsos family and two of their associates who were found guilty of falsifying the financial data of Folli Follie.

The court imposed the longest sentence on the founder of the Folli Follie Group, Dimitris Koutsolioutsos, announcing a 17-year prison sentence for the 83-year-old defendant.
George Koutsolioutsos was sentenced to 11 years in prison.
A 10-year prison sentence was announced for his wife, Aikaterini Koutsolioutsou.
For the two convicted associates of the Koutsolioutsos family, the sentences are 10 years in prison for one woman and 15 years for the wanted former executive of the Asian branch of the company.
After deliberation, the court refused to suspend the sentences of the Koutsolioutsos family pending appeal but granted a request that the elderly Koutsolioutsos and his wife Kaiti serve their time under house arrest, rather than in prison. Tzortzis Koutsolioutsos was considered at risk of reoffending and will be sent to prison.
The court also refused to unfreeze the assets of the Koutsolioutsou family and Folli Follie in favour of the temporary administration of the company, as requested by its representatives as being “of vital importance for the completion of the company’s restructuring process”. It unanimously decided that these assets remain frozen and use to compensate the victims in the case, which include minor shareholders, EFKA, Alpha Bank, and the National Fund of Greece (Growth Fund).
The 15-year sentence imposed on the family’s associate in Asia, who remains a fugitive but is represented by a lawyer in the court, was not suspended pending appeal. That of a woman associate also convicted as an accomplice to the offences committed, who was sentenced to 10 years in prison, has been suspended until appeal with the added restrictions of remaining in the country, reporting to a police station at regular intervals and payment of a 10,000-euro bond.

source ANA-MPA

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