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The new board of the Greece-based accessory maker Folli Follie (FF) issued a press release this week warning of “serious repercussions” in the troubled company’s rescue due to a postponement of a trial where the defendants are FF’s founder and former top executives.
Among others, FF founder Dimitris Koutsolioutsos, and his son and successor as CEO, Tzortzis Koutsolioutsos, and several former executives are charged with felony breach of faith and embezzlement-related counts.
In a statement, the board members appointed by a receivership court said they do not want to enter into the substance of the trial, nor comment on the reasoning behind the postponement.
“(However), it (the board of directors) must point out the serious repercussions that a delay in the completion of the trail will have for the rescue of the company, which is the primary mission of the board. It’s reminded that the rescue of the company, as decided by relevant courts, is in the interest of the national economy, given that it detaches the company from the accused shareholders, and allow for its (company) survival…” the statement read.
