Less than two months after his release from prison, George Koutsolioutsos, the former CEO and central figure in the Folli Follie financial scandal, is making a controversial return to the business world. Koutsolioutsos had been sentenced by a lower court to 11 years in prison for fraud, market manipulation, and money laundering. Despite the severity of the charges, he was released following the approval of his third request to suspend his sentence.
His release was granted under strict conditions, including a €50,000 bail, mandatory regular check-ins with local police, and a prohibition on leaving Greece.
Now, in a move raising eyebrows both for its timing and its tone, Koutsolioutsos has founded a new company under the deliberately provocative name Vaffancool Monoprosopi IKE. The name appears to be a playful yet confrontational twist on a well-known Italian vulgarity, a detail that has not gone unnoticed in the Greek press.
Despite a registered capital of just €10, the company’s stated business scope is surprisingly broad. Vaffancool is set to operate in wholesale clothing and footwear, while also offering catering services, beach equipment rentals, sports goods sales, business consulting, and even environmental research. The eclectic range of services, paired with the company’s attention-grabbing name, has fueled speculation about the seriousness and intent behind this latest business endeavor.
Koutsolioutsos' return to the entrepreneurial stage comes at a time when the final ruling from Greece’s Court of Appeals on the charges against him is still pending.
