With spikes against persons, which he did not name, that “they went to destroy a diamond” continued for the third day his apology the founder of Folli Follie Dimitris Koutsolioutsos, denying all the charges imputed to him, and speaking not for illegal alteration of data but for “beautifying the image of the company”. He also stated that he himself did not deal with finances, but with the production process, while he emphasized that “I should not have resigned” when the scandal broke.

Taking all responsibility from both his son George and the wife of Kaitis Koutsolioutsou as well as from the rest of his co-accused, for whom he said that “they have nothing to do” the protagonist of the so-called “Folli Follie scandal” blamed two wanted in the case, executives of the Asian branch of the group. “They thought to increase the turnovers in the financial statements.”

According to Dimitris Koutsolioutsos, there were persons who contributed to the collapse of the company for which he emphasized that even now he believes “that it has potential, as long as new investors appear, which will happen as soon as the current ones leave”.

The accused also turned against the auditing companies that carried out financial audits and delivered findings to the Court, questioning the procedures that followed:

“The audit firms that undertook the interim management report went nowhere. They did nothing. Most of the evidence was from interviews. I dispute all the numbers. They had them check the whole group and they only checked the Koutsoliutsou family and the company was lost because of it. And of course we as a family panicked. I immediately resigned, while I had to sit at the helm of the company.”

Chairman: When you are a director of such a group, it sounds strange to say that you were not involved in finance. You are 80% of your time in Asia. Where have you left financial management?

Accused: To … (mentions two names). We chose the first one because it had parchments. I trusted them. Now I don’t know where it is.

Referring to his son, the defendant emphasized that “Tzortzis had taken charge of Europe and did not deal with Asia at all”, while in response to the president’s remark that the defendants report that he went often, Dimitris Koutsolioutsos said:

“Give you passports if you want. He wasn’t coming. Tzortzis didn’t even come to the offices… Tzortzis knew about the part of the consolidated statements, that the turnover was higher. We argued many times about it. He told me it’s a big mistake.”

Chairman: Did you think he was young and inexperienced? Why didn’t you listen to him? It might have rung some bells…

Accused: It was hitting….

As the defendant mentioned, the issue of “beautifying the image of the company” caused a conflict with his son, with whom he said that “We hardly spoke.”

Regarding his wife’s involvement, the defendant emphasized that she had essentially no responsibilities and that she was given the title of “honorary” vice-president.

Chairman: You are a manager, didn’t you tell the accountants that you were thinking of doing this with your wife?

Accused: I was bad and didn’t ask…

Chairman: You had an authoritarianism from what you say. Now he had a position of responsibility…

Accused: When he found out he cursed me… He knew the position but he wasn’t performing.

Chairman: Because of this quality it has been found here…

The defendant attributed the “beautification” to mere “vanity and vision” while saying that he himself in Hong Kong was involved in the factories to start the absurdity of watches and not in finance.

He also pointed out, referring to in the amount of 240 million euros which, according to the case file, was non-existent, that the money was in bank accounts. “We asked for them because wages and goods had to be paid. Nothing was simply investigated… they said Koutsolioutsos nothing else. There was money in all the companies. The money was in the company but not in the specific bank account. The question is who directs the control?’

End, denied that the Asia Group was “virtual” saying that it was of strategic importance and important because it was the production unit for products that went all over the world but at the same time also a point of promotion of these products, as the major markets were China, Hong Kong and Korea. As he said the turnover was about 400 million.