By George Koutsoliutso to answer questions from the president of the Three-Member Court of Criminal Appeals continues the apology of the second defendant in the trial for the falsification of her financial data Folly Folly.

The son of the founder of the FF Group, who is on the podium for the third time, declares that he himself did not know the extent of the “beautifications”as Dimitris Koutsoliutsos described the falsified data while apologizing.

The son Koutsolioutsos stated in court that he considered that the percentage of interventions carried out by the Asian branch of the Group, which his father controlled, was small. Thus, as mentioned by Tzortzis Koutsolioutsos, when he found out the extent of the data falsification “I was shocked.. I felt an anger and an indignation that I could not imagine that such irregularities were taking place”.

According to what Tzortzis Koutsoliutsos claims about the falsification of the Asian sector’s data, which were nevertheless included in the consolidated statements of the Greek company, his father and two executives from Asia are responsible, not least himself.

The dialogue with the chairperson

The chairperson asked the defendant about email discussions he had with the regional director of the Asia sub-branch.

President: He is talking to you via email. Did he tell you that the “beautification” would be at this rate and last that long?

Defendant: It wasn’t anything specific as far as I was involved in the story. The “beautification” may have been less than 10%. I was trying to compress it to be as small as possible. In what I answered, I said that it should be as little as possible. I had no role and no such authority. I had never signed anything.

The accused was asked questions by the president about and course of the falsified data in the integration of the financial statements.

President: How was the process with the group’s financial statements?

Accused: I was not following the proceedings. First, the director of the accounting department of the Greek company received…

President: Were your co-accused aware of the “beautification”?

Defendant: No. I will be absolute on this. We were a close team and I didn’t want to put the burden on them.

President: Your mother?

Defendant: No. There was tension with my father on various levels. There were frictions. My mother was something special because she had to do with the image of the company. The aesthetics, the ads… he was in charge of the creative.

President: Where did the “beautified” situations go?

Accused: To the Board of Directors and then to the statutory auditor.

As mentioned by J. Koutsoliutsos about counterfeiting, he had been greatly troubled as to whether he should remain with the company or not.

“I remember two words of my father. Told me “you are my son, but this shop is mine and I will do as I please“. I told them “don’t bother me again”. I had to see what I would do. I was worried. The group had grown in Europe. I am the only son. The departure of the group’s managing director the stock market impact would be tenfold from what was done with the QCM report. I was trapped. If I had known the consequences of beautification, that it was a ticking time bomb… I would have reacted differently.”

The son of the founder of Folli Follie referred to the period immediately after May 2018, when the QCM fund’s report on the false image of strength of the FF Group was made public, leading to its collapse. “The company was targeted by the QCM report, the press with daily articles, the Securities and Exchange Commission asking for documents with suffocating deadlines, the banks asking for their money immediately. It was also targeted by shareholders and minority shareholders unfortunately. They didn’t see the next day, they shouted “to put the Koutsolioutsi in prison”, instead of balancing since there were prospects. It was unfortunately also targeted by the bondholders.”

President: What is your marital status?

Defendant: I have two daughters and I am divorced from my wife. He supported me when I was in prison, we have a good relationship. We have two houses in Kifissia. After this story happened, I remained the managing director until 2018 and then became an ordinary member. My earnings have dropped a lot. And then the tax office came and told me to deposit the salary in the Deposit and Loan Fund.

President: And how do you live?

Defendant: With the help of friends. At the moment I am in a very difficult position because the fines that have been imposed on me are 30 million euros and the daily surcharges can reach up to 10 thousand euros. I am financially ruined for life.

President: How do your parents live?

Defendant: With the help of friends. After such an event you understand who your real friends are.