TNH Staff
ATHENS - An accounting investigation of the bankrupt Folli Follie Greek jewelry and accessory maker Folli Folli found that supervisory authorities and the stock market allowed a scam, including embezzlement, to go on for years.
The company’s owners, the Koutsolioutsos family, conducted a fraud scheme from 2000-17, according to an audit from PricewaterhouseCoopers (PwC) said media reports, while agency officials looked the other way despite evidence of wrongdoing.
The audit, said Kathimerini, “also revealed the staggering and unprecedented negligence of supervisory authorities,” including not making a move after the scandal was busted open on May 3, 2018 by the American fund Quintessential Capital Management (QCM).